Through Block, Twitter founder Jack Dorsey is developing his own Bitcoin (BTC) hardware wallet: Bitkey. In recent days, the beta version of this device has begun shipping to selected investors.
The beta version of Jack Dorsey’s Bitkey hardware wallet starts shipping
Announced since 2022, Jack Dorsey’s Block company is developing its own Bitcoin (BTC) hardware wallet called Bitkey.
If a tweet shared this week is to be believed, the first beta models appear to be ready for shipment:
Block’s new open source Bitcoin hardware wallet, the Bitkey beta looks ready to ship pic.twitter.com/Mk4XwTfqpM
– McShane (@mcshane_writes) October 3, 2023
While no release date for the final version has yet been revealed, those interested in testing the first models had until June 30 to make themselves known and try to obtain a whitelist. It was then specified that the first shipments would indeed begin at the end of September.
Thus, the first testers will be able to carry out transactions on the Bitcoin network (BTC), but also experiment with transfers “without the frictions of the usual ‘copy and paste'” to the Coinbase exchange as well as Cash App, a crypto platform powered by Block.
What features can you expect with Bitkey?
Although Bitkey has yet to be officially launched on the market, Block has already repeatedly provided information about its hardware wallet, giving an idea of what to expect.
First and foremost, Bitkey’s design sets it apart from the competition:
Bitkey hardware wallet design
Another notable feature of the device is the securing of the private key, based on secure multiparty computing (MPC) technologies rather than a seed phrase. Indeed, it was announced that funds would be secured by 3 fragments: one stored on Block’s servers, another secured by a mobile application and the last by the user’s hardware wallet.
To retrieve the private key, 2 of the 3 fragments are required, similar to Ledger’s Recover product.
In addition, communication between the device and the user’s phone is via an NFC connection, all secured by a fingerprint check. For investors not wishing to use this biometric control, the final version includes a PIN code, which is not yet available on the beta version.
Furthermore, in keeping with Jack Dorsey’s philosophy, it is important to point out that Bitkey is, for the moment, exclusively focused on Bitcoin.
