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

The U.S. compliant exchange Coinbase has announced a new partnership with the self-custody wallet Bitkey from Block. This partnership will allow users to transact Bitcoin through Coinbase Pay within the Bitkey wallet.

Bitkey, a Self-Custody Wallet Developed by Block

Bitkey is a self-custody Bitcoin wallet developed by Block, a payment company owned by Jack Dorsey. It consists of three parts:

• APP: Allows for easy transactions on mobile phones
• Cold Wallet: Hardware device for offline storage of cryptocurrencies
• Recovery Tool: Ensures recovery in case of lost mobile phone or cold wallet

This design combines the convenience of the app, the security of a cold wallet, and additional guarantees for fund recovery in various scenarios.

In this multi-signature wallet combination, customers hold two private keys required for moving funds, and the cold wallet is linked to the app via NFC technology, which is also used by well-known services such as Apple Pay and Google Pay. However, this wallet only supports Bitcoin.

Note: Jack Dorsey is a staunch Bitcoin believer – the founder of Twitter: he has long been advocating for Bitcoin.

Coinbase Collaboration with Block

The U.S. compliant exchange Coinbase announced a collaboration with Bitkey, offering its pricing and trading services on the Bitkey app.

The operation process can be seen in the link. The Bitkey app will display the total cost of transactions provided by different partners, currently Coinbase and Cash App, as well as transparent fees displayed in the Bitkey application based on the customer's country/region, purchase amount, and preferred legal payment method at the time of purchase. After the transaction is completed, the cryptocurrency will be directly stored in the BityKey cold wallet.

This service will be expanded to customers in multiple global markets across six continents, including the United States, Canada, the United Kingdom, Brazil, and Australia.

Currently, Bitkey is open for external testers to join the Beta testing program, and the integration with Coinbase and Cash App will also be launched during the testing period. Interested readers can apply here.