Block, the fintech company led by Jack Dorsey, has announced the launch of its new self-custody Bitcoin wallet, Bitkey, now available for pre-order in more than 95 countries. This development represents a significant step in providing users with enhanced control and security over their Bitcoin assets.

Bitkey, as introduced by Block, comprises three main components: a mobile app, a hardware device, and a set of recovery tools. The mobile app facilitates Bitcoin transactions from a user’s phone, while the hardware device ensures the secure offline storage of their Bitcoin assets.

A key feature of Bitkey is its triple-key security system. Two of these keys are the app and the hardware device, while the third is stored on Bitkey’s servers. This third key plays a crucial role in verifying transactions made via the phone when the hardware device is unavailable. It also aids in wallet recovery in case the user loses both their phone and the hardware device.

Bitkey underwent beta testing over the summer leading up to this global rollout. Block announced in June that Bitkey would integrate with its payments platform Cash App and crypto exchange Coinbase (COIN). This integration is designed to streamline buying and selling BTC within the app.

The launch of Bitkey comes at a time when the self-custody of crypto-assets has gained increased attention, especially following the collapses of several centralized cryptocurrency platforms, including FTX, Voyager, and Celsius. These incidents have highlighted the critical importance of having personal control over one’s digital assets, echoing the adage “Not your keys, not your coins.”

Block has stated that the pre-orders for Bitkey are expected to be shipped in early 2024, marking a new era in personal asset management and security for Bitcoin users worldwide.