Led by the former founder and CEO of Twitter, Block announced the possibility of pre-ordering its hardware wallet called Bitkey.
Bitkey is implemented in the form factor of a USB flash drive. Block's head of Bitcoin hardware, Thomas Templeton, assured that the new Bitcoin hardware wallet meets all the requirements of Jack Dorsey's strategy to maintain the security and decentralization of the digital asset industry:
“Bitkey users will be able to seamlessly connect to crypto exchanges and payment services, including Block's Cash app, allowing for seamless transfer of assets between platforms. We have already established cooperation with Cash App and are exploring other synergy opportunities.».
The Bitkey user will be able to enter spending limits and create a rule that any transaction exceeding the selected amount cannot be executed automatically without additional approval.
Dorsey announced the development of a new hardware wallet and Bitcoin mining system back in 2021. The creator of Twitter called on members of the crypto community to contribute in every possible way to the decentralization of the Bitcoin ecosystem, as well as to strive to increase the availability of secure storage and mining of digital assets. The head of Block complained that, despite the availability of similar products on the market, a significant part of the crypto community continues to store crypto assets in the accounts of trading platforms.
Previously, the founder of Twitter was among the largest investors in the startup Mummolin, which promises to “fundamentally change the Bitcoin mining industry.”.