Block Inc, led by Jack Dorsey, expands its involvement in Bitcoin with the introduction of a new hardware wallet named Bitkey.
Block Inc. is introducing a fresh Bitcoin wallet in response to crypto advocate Jack Dorsey’s emphasis on enhancing security and self-governance within the digital-asset industry at the payments company, previously referred to as Square.
The wallet, called Bitkey, allows users to actually store cryptocurrency on hardware that resembles a USB flash drive. Although similar products have been available for some time, the majority of crypto assets are still on trading platforms.
Dorsey revealed the San Francisco-based company’s efforts to develop a new hardware wallet and Bitcoin mining system in 2021 with the goal of decentralizing the Bitcoin network and making secure storage and mining of digital assets more accessible.
Wallet users can connect to crypto exchanges and payment services, including Block’s Cash App, allowing them to transfer tokens between platforms.
“We’ve already started working with Cash App since day one and we’re also looking for other synergies,” Block’s Bitcoin Hardware Lead Thomas Templeton said in an interview.
Bitcoin mining is an energy-intensive process where miners use specialized computers to validate transactions on the Bitcoin blockchain in exchange for rewards in the form of tokens. The majority of such activities are established and run by public companies or private investors.
“When you look at the Bitcoin space, there are tools and products that are built for super users or a subset of people who are deep in the industry, but there is no product for regular people dipping their toes into the space,” Templeton said.
