Payment platform Block's cold wallet Bitkey opens for pre-order! Priced at $150, shipping starts in February next year.

Announcement states that Block, the payment platform owned by Twitter founder Jack Dorsey, which was formerly known as Square, launched a cold wallet called Bitkey in March this year. It is now available for global pre-order, including the physical cold wallet and user manual. The price is $150, and shipments are expected to begin early next year.

What is Bitkey?

Bitkey is a self-custody Bitcoin wallet launched by Block, supporting only the storage and sending of Bitcoin. It consists of three parts: a mobile application app, a hardware device cold wallet, and a recovery tool to address situations where customers may lose their phone, cold wallet, or both.

The wallet's development concept was initially introduced in October 2021, as first revealed here, and later named Bitkey in subsequent naming.

According to the official description, Bitkey is a 2-of-3 multi-signature wallet composed of "mobile device key, cold wallet key, and server key" to protect users' Bitcoin. Any operation involving user assets requires 2 keys to complete, and as Bitkey only has access to 1 key, it cannot control user assets without the user's signature.

Thomas Templeton, the head of the team behind Bitkey at Proto, revealed the reason for developing the product, stating:

Most Bitcoin holders keep their assets on exchanges or staking platforms, subjecting them to centralized control. Self-managing Bitcoin still requires complex equipment or long seed phrases, creating a steep learning curve. Therefore, Bitkey aims to achieve self-custody in the most intuitive and convenient way.

Prior to this, the U.S. exchange Coinbase announced a partnership with Block, not only introducing Coinbase Pay to Bitkey but also providing quoting and trading services on its APP.

Coinbase and Block collaborate, Bitkey's new cold wallet offers security and convenience

Open Pre-order, Shipping in Early 2024

The latest announcement reveals that Bitkey is currently open for pre-orders in over 95 countries, with the first batch of products set to ship in early 2024. The package will include the Bitkey cold wallet, a USB-C to USB-A charging cable, and user manual, priced at $150 excluding shipping and taxes.

For users residing in Taipei and New Taipei City, the total shipping and tax cost is approximately $51.25, making the total price around $201.25, with the Bitkey cold wallet expected to ship by late February to early March next year.

Additionally, Bitkey currently accepts payments via financial cards and credit cards, with plans to add more payment methods in the future.

Block and Cash App Revenues Witness Strong Growth

Previous reports indicate that Block's third-quarter financials show strong growth in revenue for its Cash App and Square, up by 37% from the same period last year.

This news is also reflected in the stock market, with Block's stock price shaking off previous price slumps, surging 16% to $51 after-hours.

Payment platform Block's gross profit continues to grow, Bitcoin revenue increases, with proprietary positions earning fifty million pounds.