NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

'Not Your Keys, Not Your Wallet:' Elon Musk Adds To Block's Bitkey Buzz As Jack Dorsey Says 'Move Your Bitcoin Off Exchanges'

Published 08/12/2023, 09:11
Updated 08/12/2023, 10:40
© Reuters.  'Not Your Keys, Not Your Wallet:' Elon Musk Adds To Block's Bitkey Buzz As Jack Dorsey Says 'Move Your Bitcoin Off Exchanges'
BTC/USD
-
SQ
-

Benzinga - by Mehab Qureshi, Benzinga Staff Writer.

Block Inc. (NYSE:SQ) CEO Jack Dorsey unveiled the fintech company’s self-custody Bitcoin (CRYPTO: BTC) wallet, Bitkey, for pre-order in over 95 countries on Thursday.

What Happened: Dorsey urged users on X to “Move your bitcoin off the exchanges” and provided a link to Bitkey. In response, Tesla CEO Elon Musk acknowledged the importance of controlling one’s wallet keys with the popular crypto maxim: “Not your keys, not your wallet, as they say.”

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: The Bitkey wallet relies on a three-tier security key system. The mobile app facilitates Bitcoin transactions on the go, while the hardware device acts as a secure vault, keeping assets offline.

Additionally, a third recovery key stored on Bitkey’s servers verifies transactions when the hardware device is unavailable and aids in wallet recovery if phones or devices are lost.

Back in June, Block announced that Bitkey would integrate with its payment platform Cash App and the crypto exchange Coinbase, allowing Bitcoin transactions within the app.

The concept of self-custody has gained prominence, particularly in the wake of the collapses of several centralized crypto platforms, including FTX, Voyager, and Celsius.

Price Action: At the time of writing, Bitcoin was trading at $43,521, down 1.02% in the last 24 hours, according to Benzinga Pro.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.