Jack Dorsey’s payments company Block has recently launched an open beta program for its self-custodial Bitcoin wallet, Bitkey, which integrates with both Coinbase and CashApp for seamless Bitcoin withdrawals. This announcement follows an earlier beta version that was limited to Block employees and showcases the company’s drive to build a strong infrastructure for Bitcoin.
In the Bitkey open beta, users have the opportunity to test out Block’s hardware and software for free, as well as share their feedback to shape the development of the product. Participants will be able to use their personal Bitcoin holdings and retain the Bitkey hardware device for continued use in the future.
The beta version offers basic functions such as sending and receiving BTC, and also provides users with various security features through PIN code and fingerprint authentication options. Meanwhile, the mobile app will integrate third-party exchange partners, including Coinbase and CashApp, to enable users to purchase Bitcoin directly.
Coinbase has revealed its commitment to strengthening its partnership with Bitkey by offering a “joint offer” for both Coinbase One and Bitkey customers later this year. Additionally, they aim to simplify the process of converting Bitcoin into local fiat currencies through this collaboration. This development shows their mutual vision in making self-custody more accessible and empowering individuals to assume full ownership of their Bitcoin.
CashApp has been a part of the Bitcoin ecosystem for years, allowing users to buy Bitcoin and offering options to be paid in Bitcoin or receive coins through the lightning network. Although Bitkey’s wallet supports multi-signature functionality, it currently only processes transactions on the main blockchain.
As Jack Dorsey‘s companies continue to develop infrastructures for Bitcoin, they have been focusing on mining tools and global on-ramps while also supporting the network’s developers through various initiatives. For instance, Dorsey’s relief fund Start Small recently pledged $5 million to the Bitcoin non-profit Brink.
Despite this clear emphasis on Bitcoin, Dorsey remains skeptical of other cryptocurrency networks such as Ethereum, which he views as an unregistered security. This distinction marks an interesting boundary in Dorsey’s cryptocurrency ventures, underscoring his preference for a more secure and standardized approach in the blockchain universe.
In conclusion, the open beta for Bitkey is a significant step forward for Block, as it showcases the company’s dedication to fostering Bitcoin infrastructure and accessibility. With partnerships like Coinbase and CashApp in place, users can expect more seamless integration to fuel a broader adoption and ownership of digital assets. However, Dorsey’s selective support for specific crypto networks raises questions about the future landscape of the industry and which cryptocurrencies will emerge as dominant players in the long run.
Source: Decrypt
