Former CEO of Twitter and co-founder Jack Dorsey has unveiled BitKey, a new Bitcoin hardware wallet. Jack has long been a proponent of the emerging asset as a Bitcoin evangelist.
According to a recent Forbes report, Jack Dorsey’s technology company Block will publicly launch BitKey, its first Bitcoin cold wallet. The new device which is shaped like a compact hexagon, will allow users to securely store their Bitcoin offline.
Block launches new Bitcoin wallet
Block, a large global technology company co-founded by Jark Dorsey, has entered the crypto storage market at a time when interest in bitcoin security and self-governance is expanding quickly.
Self-custody of cryptocurrency has gained a lot of attention lately, especially in light of the current legal battle against Sam Bankman-Fried (SBF), the former CEO of the now-defunct FTX cryptocurrency exchange.
With the collapse of the exchange, millions of users lost billions worth of funds which would have been prevented if they had control over their private keys by storing their assets in cold wallets.
Jack has always believed Bitcoin can change the world, hence he constantly strives to increase the crypto adoption. In fact, he has urged big companies like Apple to integrate Bitcoin into Apple products.
Urging big companies like Apple to embrace Bitcoin underscores the growing mainstream acceptance of BTC in the financial and technological sectors.
Jack Dorsey had stated severally that his company, Block, intends to launch its own hardware crypto wallet which gives users total control over their digital assets, removing any intermediary like crypto exchanges.
Furthermore, BitKey is expected to be readily available to a wider audience with reasonable pricing. Similar cryptocurrency hardware wallets available in the market sell between $50 to $200 depending on brand and design specifications.
Even though Block has not yet specified certain details like the launch date and exact pricing for BitKey, the Bitcoin community has received the development with open arms.