Jack Dorsey Introduces New Bitcoin Hardware Wallet, BitKey

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Jack Dorsey Introduces New Bitcoin Hardware Wallet, BitKey

Last updated on July 4th, 2024 at 10:15 am

Twitter co-founder and former CEO, Jack Dorsey has launched a new Bitcoin hardware wallet called BitKey. Jack has been a long-time Bitcoin evangelist preaching the gospel of the nascent asset. 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

Global technology corporation, Block, co-founded by Jark Dorsey has ventured into the crypto storage industry at a time when the focus on bitcoin security and self-governance is rapidly growing. Crypto self-custody has become an important topic, especially with the ongoing court case against Sam Bankman-Fried (SBF), the former CEO of the defunct crypto exchange FTX.

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. 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 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.

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Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.