Block Launches Bitkey Bitcoin Wallet; Reports $5.62B Q3 Revenue Following Bitcoin Investments
Summary:
Block, co-founded by Jack Dorsey, has launched Bitkey, a self-custody Bitcoin wallet available in over 95 countries. The wallet employs a two-of-three multi-signature system and includes recovery tools. Initial global partners include Coinbase and Cash App. Bitkey, available for pre-order at $150, is planned for early 2024 rollout. Block's 2023 Q3 revenue hit $5.62 billion, helped by Cash App and Square, with $44 million in profit from Bitcoin investments.
Digital transaction processing firm Block, which Jack Dorsey co-founded, has introduced Bitkey, its own Bitcoin (BTC) wallet for self-custody. During the unveiling on December 7, the creators talked about the broad availability of the wallet, as an app for mobile devices or as a hardware storage tool in more than 95 countries. Bitkey will have a three-key wallet system - mobile, hardware, and server keys, with the added assurance of a secure piece of hardware and recovery options should it be misplaced. Both the user's fingerprint and phone will be needed for transaction approval. Coinbase and Cash App have partnered initially with Bitkey, saying it requires two of the three keys for conducting security-related actions like initiating recovery or changing security settings. They further emphasized that as Bitkey only has access to one of the three keys, it won’t be able to move a customer’s Bitcoin without their consent. Both the Bitkey app and hardware storage together cost $150, not including shipping and taxes, and are currently available only for pre-order, with launch anticipated in the early part of 2024. Block reported $5.62 billion in revenue in 2023's third quarter, thanks to strong sales numbers from its payment-processing platforms, Cash App and Square. The company also made profit of $44 million on its Bitcoin investments, following BTC's recent price hike. Bitcoin transaction gross profits were reported at $45 million, marking a year-on-year increase of 22%, with the firm having sold BTC amounting to $2.42 billion to customers through Cash App.
Published At
12/7/2023 7:34:11 PM
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