Jack Dorsey’s Block Unveils Open-Source Bitcoin Hardware Wallet For Testing, Release Imminent

Jack Dorsey’s global technology corporation, Block, may be approaching the official release of BitKey, its upcoming Bitcoin hardware wallet, after a beta tester shared an image of the new device.

The crypto world might have received its first glimpse of Block’s BitKey, the new hardware wallet that the company initially announced in 2022, through a tweet from a beta tester.

In the tweet, a user known as @Musqet_Bitcoin shared an image of Block’s inaugural hardware wallet and stated, “Block has just entered the hardware wallet market at a time when self-custody has never been more important.”

Shaped like a solid hexagon, the hardware wallet features a fingerprint sensor, providing an additional layer of biometric security to the device.

Another user, @mcshane_writes, also shared the same image of BitKey and provided some descriptions of the device. He mentioned that BitKey has a stone exterior, offers the best tactile feel for a wallet, is very fun to use, has an optional fingerprint scanner, and is compact in size.

Block, co-founded by Dorsey, has been discussing the hardware wallet, and its entry into the market coincides with investors’ heightened awareness of the importance of self-custody.

Last November, when FTX filed for bankruptcy and its top executives resigned, revealing issues about its co-founder Sam Bankman-Fried (SBF), the crypto community witnessed a mass exodus from centralized crypto exchange platforms to decentralized alternatives and self-custody crypto wallets. FTX’s spectacular collapse also compelled centralized crypto exchange platforms to subject their operations to audits and provide proof of reliability to regain investors’ trust.

In July, BitKey’s business lead, Lindsey Grossman, shared in an interview, “The Bitkey Beta program is the result of months of hard work and dedication from our team and the thoughtful feedback we’ve received from others in the industry, as well as prospective customers.” She added, “Our goal is to create a product that empowers customers to take control of their bitcoin in a secure and user-friendly manner.”

BitKey users can purchase Bitcoin on a crypto exchange platform and transfer the crypto assets to their hardware wallet. Users can also set transaction or transfer limits for BitKey, and any amount exceeding the limit will require user approval using the device.

The features that BitKey revealed in July are still uncertain, as is the release date of the product at this time.