{"id":184547,"date":"2023-12-08T07:39:53","date_gmt":"2023-12-08T07:39:53","guid":{"rendered":"https:\/\/precoinnews.com\/?p=184547"},"modified":"2023-12-08T07:39:53","modified_gmt":"2023-12-08T07:39:53","slug":"block-inc-launches-innovative-bitkey-wallet-for-enhanced-bitcoin-self-custody","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/block-inc-launches-innovative-bitkey-wallet-for-enhanced-bitcoin-self-custody\/","title":{"rendered":"Block, Inc. Launches Innovative Bitkey Wallet for Enhanced Bitcoin Self-Custody"},"content":{"rendered":"

FinTech firm Block, Inc. (NYSE: SQ), formerly known as Square, Inc., a global technology conglomerate, has introduced Bitkey, a self-custody Bitcoin wallet designed to democratize financial ownership. Bitkey, a product of Block\u2019s Proto team, exemplifies the company\u2019s mission to accelerate the world\u2019s transition to an open economy.<\/p>\n

Key Features of Bitkey:<\/strong><\/p>\n

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  1. 2-of-3 Multi-Signature Wallet<\/strong>: Bitkey uses three private keys to protect Bitcoin \u2013 one on the user\u2019s phone, one on the hardware device, and the third on Bitkey\u2019s server. Users need any two of these keys to authorize a transaction, ensuring additional security layers.<\/li>\n
  2. Mobile Key<\/strong>: Enables users to initiate and sign payments up to a set mobile limit, with an encrypted backup key stored in the cloud for recovery purposes.<\/li>\n
  3. Hardware Key<\/strong>: This key co-signs payments above the mobile limit, approves changes to mobile limits, and plays a crucial role in mobile key recovery and security settings alterations.<\/li>\n
  4. Server Key<\/strong>: Used for initiating and signing transactions within the mobile limit and assists in wallet recovery if both the phone and hardware are lost.<\/li>\n<\/ol>\n

    Unique Hardware and App Integration:<\/strong><\/p>\n