Twitter founder launches hardware cryptocurrency wallet

Twitter founder launches hardware cryptocurrency wallet

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Author: Robert Strickland (crypto-journalist)
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Twitter founder launches hardware cryptocurrency wallet

Twitter founder Jack Dorsey has launched a hardware cryptocurrency wallet


 

Twitter's co-founder, Jack Dorsey, has launched a hardware cryptocurrency wallet. The company Block, founded by entrepreneur Jack Dorsey, who also co-founded and previously served as the CEO of Twitter (now called X), has announced the launch of its hardware wallet for storing Bitcoin (BTC) called Bitkey.

 

According to the company's statement, shipments of the device will begin in 2024 to more than 95 countries worldwide. Bitkey includes a mobile application, the hardware wallet itself in the form of a black hexagon, and a set of tools for recovering private keys in case of loss.

"We are confident that in the future, users will increasingly seek to independently store their cryptocurrency as it provides peace of mind, reduces dependence on a single organization, and allows people to control their bitcoins. Bitkey is a simple and secure way for people with different levels of experience in interacting with Bitcoin to take control of their finances," says one of the wallet's developers, Thomas Templeton.

The Bitkey security system is based on the use of three private keys, two of which are stored on user devices, and the third is on the developer company's server. This mechanism allows clients not to remember long passwords but still maintain a high level of wallet security. The company itself does not have access to users' funds.

In May 2023, the French manufacturer of popular cryptocurrency wallets, Ledger, faced criticism from the crypto community. The company announced a service for recovering access to digital assets in the wallet, in which the wallet's secret phrase (seed phrase) is divided into three parts and sent for storage to Ledger's partner companies. Users were upset by the idea that wallet keys could be revealed to anyone other than their owners, fundamentally contradicting the concept of "cold" storage, which Ledger's devices have always been promoted as most suitable for.

In late November 2023, Jack Dorsey led a seed investment round in the OCEAN project, which aims to revolutionize the Bitcoin mining industry. The startup's goal is to eliminate intermediaries in the blockchain by decentralizing mining pools and organizing direct payments to miners.

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