According to a recent post shared by Bitcoin Magazine, Block is quite close to going public with its first Bitcoin hardware wallet product, BitKey. Jack Dorsey’s financial services giant first announced the wallet back in 2022.
As the magazine wrote in its post, the entry of Block into the hardware wallet market came at a time when Bitcoin security and self-custody were “of paramount importance, as evidenced by the ongoing trial of disgraced former FTX CEO Sam Bankman-Fried.”
Notably, the mismanagement of the FTX CEO of his exchange contributed to “the loss of billions worth of customer crypto, funds that otherwise would have been unaffected had users had control of the private keys for these assets.”
The Bitcoin Hardware Wallet
Recently, McShane shared an X (formerly Twitter) post about a Bitcoin hardware wallet. As per his post, “Block’s new open source Bitcoin hardware wallet, the Bitkey beta looks ready to ship.”
— McShane (@mcshane_writes) October 3, 2023
The shared post includes images that have the first-ever glimpse of Block’s new Bitcoin hardware wallet. It reveals a small hexagon-shaped device with a fingerprint sensor. It also has an extra layer of biometric security to the device.
According to a previous report, Block CEO has hinted at his company’s vision for the hardware wallet. This emphasizes the importance of allowing customers to have complete control over their Bitcoin holdings. The device is expected to align with this philosophy while allowing the users to securely manage their Bitcoin assets independently.
As per the report, to that end, the hardware wallet of Block is anticipated to be competitively priced. Ensuring that more individuals can participate in the crypto ecosystem without breaking the bank.
Whereas, at present hardware wallets typically retail for between $50 and $100, though prices vary depending on the make and model. However, “the initial image of the hardware wallet offers a tantalizing glimpse of what’s to come.” The Bitcoin community eagerly awaits further details, including its release date, pricing, and additional features, as the magazine further mentioned.
The Hardware Wallet
As reported by the magazine, the venturing of Block into the hardware wallet space is poised to make a significant impact. It further solidifies the company’s position as a key player. In mid-June 2023, Jack Dorsey shared a post in which he wrote that Block announced an open beta program for its self-custodial Bitcoin wallet, BitKey.
The wallet also announced its first two global partnerships with Coinbase and Cash app. As stated in its post, this will “enable Bitkey’s customers to transfer and buy bitcoin through these platforms with a transparent and integrated experience that makes the journey to self-custody easier.”