Bitkey is a digital wallet for

bitcoin Bitcoin (abbreviation: BTC; Currency symbol, sign: ₿) is the first Decentralized application, decentralized cryptocurrency. Based on a free-market ideology, bitcoin was invented in 2008 when an unknown entity published a white paper under ...

, available in the U.S. and 95 other countries. Launched in 2023 by

Block, Inc. Block, Inc. (formerly Square, Inc.) is an American technology company and a financial services provider for consumers and merchants. Founded in 2009 by Jack Dorsey, it is the U.S. market leader in Point of sale, point-of-sale systems. As of 20 ...

, a company founded by

Jack Dorsey Jack Patrick Dorsey (born November 19, 1976) is an American businessperson, who is a co-founder of Twitter, Inc. and its CEO during 2007–2008 and 2015–2021, as well as co-founder, principal executive officer and chairman of Block, Inc. (deve ...

, Bitkey began shipping in March 2024. It is a multisignature wallet, storing bitcoin independently of third-party cryptocurrency exchanges or custodial platforms. Bitkey includes a mobile app, a hardware device, and a set of recovery tools in case the customer loses the phone, their hardware or both.

History

Jack Dorsey announced in June 2021 that Block was in the process of creating a cryptocurrency wallet. By April 2022, the company had released images of the wallet's hardware component, referred to as "Rocky" by Dorsey. This component was described to include a fingerprint reader and a

USB-C USB-C, or USB Type-C, is a 24-pin reversible Electrical connector, connector (not a Communication protocol, protocol) that supersedes previous USB hardware#Connectors, USB connectors (also supersedes Mini DisplayPort and Lightning (connector) ...

charging port. ''Business Today'' stated in July 2023 that Block was imparting Bitkey a "minimalistic" and "sleek" design with no screen interface on the hardware device itself. The only interactive element on the device would be a

fingerprint A fingerprint is an impression left by the friction ridges of a human finger. The recovery of partial fingerprints from a crime scene is an important method of forensic science. Moisture and grease on a finger result in fingerprints on surfa ...

sensor. For executing a transaction, the user would have to initiate a command on the Bitkey mobile app and then confirm the transaction by touching the fingerprint sensor on the device and tapping the device to the mobile phone via

Near Field Communication Near-field communication (NFC) is a set of communication protocols that enables communication between two electronic devices over a distance of or less. NFC offers a low-speed connection through a simple setup that can be used for the boots ...

(NFC). Block officially launched Bitkey on December 7, 2023 in more than 95 countries including the U.S., Argentina, Canada, Mexico, Nigeria and India, making it available for pre-orders for

US$ The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...

150. At the time of launch, the company presented Bitkey as a "self-custody" wallet, enabling users to store bitcoin independently from "custodial platforms" or cryptocurrency exchanges, thereby reducing reliance on third-party custodians. Furthermore, Block stated that, in contrast to other self-custody options, the wallet would not require users to memorize lengthy passwords or seed phrases for securing their bitcoin. Bitkey included a mobile app, a hardware device, and a set of recovery tools in case the customer loses the phone, their hardware or both. According to Block, Bitkey was a two-of-three multisignature wallet, meaning there were three keys in the system, but any two of them needed to work together to approve transactions and recovery actions. The customer always held two keys — the one in the mobile app and the one in the hardware device — while Block held one, so the company could never move money without a customer’s involvement. Bitkey also offered integrations with custodial platforms such as Cash App and Coinbase to facilitate transferring bitcoin from those platforms to Bitkey. In March 2024, Block started shipping the Bitkey hardware device. In October 2024, ''TIME'' named the wallet as one of the "best inventions of 2024". In November 2024, Block announced it was launching an "inheritance feature" to enhance control and privacy for Bitkey users. The feature was set to become widely available in January 2025.

References

{{Block, Inc. Bitcoin Block, Inc.