Block’s Bitkey Bitcoin Wallet Enters Open Beta Phase

Block’s Bitkey Bitcoin wallet has entered an open beta phase. The wallet has also been integrated with Coinbase and Cash App.

The Bitkey Bitcoin Wallet, a product of Jack Dorsey-led Block, has entered an open beta phase. The testing includes integration with Coinbase and Cash App.

Bitkey Bitcoin Wallet Enters Open Beta

The Bitkey wallet entered the open beta on June 15. The company behind Bitkey is Block, which is run by Twitter founder Jack Dorsey, who made the announcement over Twitter. Coinbase also announced that it had partnered with the company, hence the integration.

With the integrations with Coinbase and Cash App, users can withdraw bitcoin to the Bitkey wallet from either platform directly, “without the friction of standard copy and paste.” The public can now try the new wallet, which was previously only accessible to Block’s employees.

Users will also get to keep the hardware device, as stated on the website,

“You’ll be asked to try out the product with your own bitcoin, and share your feedback with us via interviews and surveys, which will help us shape the product. You’ll get to keep your free Bitkey hardware device to continue using with future versions of the app.”

What Is the Bitkey Bitcoin Wallet?

Bitkey describes itself as a “Bitcoin Swiss Army Knife.” It is a cold storage solution for cryptocurrencies that is touted as being more practical. It uses three keys to secure funds — a mobile app key, a hardware key, and a server key. The latter is not necessary to move funds.

Each key is an additional level of security, and depending on the transaction size, more than one key may be required. As for seed phrases, Bitkey states that the “approach to recovery allows customers to recover from losing either or both of their devices, but without having to rely on unencrypted seed phrases left accessible to prying eyes.”

Block (SQ) Reacts to the Beta Announcement

The stock price of Block (SQ) also saw a small rise after the announcement. The price went up by about 4% following the news, and there may be more positive movement as Block has seen multiple developments this year.

The company showed a solid performance in Q1 2023, with bitcoin revenue increasing by 25% year-over-year. It also beat revenue estimates by about $390 million. The following quarters may also show some improvement in stock price if the Bitkey Bitcoin wallet is a success.