BitKey stands out for its 2-of-3 multi-signature design, eliminating the necessity for lengthy and cumbersome passwords or seed phrases. This innovative system utilizes three keys to secure Bitcoin, mandating the use of any two keys to authorize transactions or execute security-related actions.

Block, Inc., the financial company under the leadership of Founder and former Twitter CEO, Jack Dorsey, has officially initiated the pre-order phase for its latest self-custody wallet, BitKey.

BitKey aspires to redefine ownership and security standards for BTC holders globally. Making its debut in over 95 countries across six continents, BitKey is designed to empower users by offering straightforward and secure management of their Bitcoin holdings.

Most Bitcoin owners today opt for storing their holdings on custodial platforms or exchanges, ceding control to these intermediaries. BitKey seeks to provide an alternative custody solution by introducing a multi-faceted approach to self-custody, eliminating the complexities associated with traditional hardware wallets.

BitKey consists of a mobile application, a hardware device, and comprehensive recovery tools, catering to the needs of both experienced and novice Bitcoin enthusiasts.

“In the future, we believe customers will demand ownership and self-custody because it brings peace of mind, reduces dependence on any one entity, and puts individuals in control of their bitcoin. With BitKey, we are building a safe and easy way for people all around the world with different levels of experiences with bitcoin to take control of their finances on their terms,” said Thomas Templeton who heads the project team for the device.

Templeton previously indicated the team’s intentions to partner with companies providing on and off-ramps solutions to buy and sell Bitcoin across Africa.

BitKey stands out for its 2-of-3 multi-signature design, eliminating the necessity for lengthy and cumbersome passwords or seed phrases. This innovative system utilizes three keys to secure Bitcoin, mandating the use of any two keys to authorize transactions or execute security-related actions.

The wallet distributes two keys directly to users: one is integrated into the mobile app for seamless transactions and security management, while the other is securely stored offline within a hardware device. The hardware key not only bolsters security but also functions as a recovery mechanism in the event of a user losing their phone.

BitKey also has a third key stored on the company’s server, facilitating smooth mobile transactions and serving as a fail-safe option for wallet recovery in the event of device loss. However, BitKey’s 2-of-3 multi-signature design guarantees that the company cannot access or transfer a user’s Bitcoin without their explicit consent.