Block, Inc.‘s (NYSE:XYZ)Bitkey rolled out an updated version of its hardware Bitcoin (CRYPTO: BTC) wallet on Tuesday, adding a larger display while keeping its core design centered on multi-signature self-custody.
What’s New?
Bitkey said that the new screen, apart from validating transactions, would also confirm wallet settings that govern what happens “when things go wrong.”
“Who gets notified if someone tries to recover the wallet, where those notifications go, who can help you recover if you lose everything, how much you can spend without the hardware, and who inherits your funds,” Bitkey said that all these decisions could be verified on the device now.
Bitkey said the upgraded device, priced at $250, still defaults to a two-of-three multisignature setup and avoids a seed phrase while relying on biometric login. The wallet would also maintain multiple recovery options for scenarios such as losing a phone, losing the hardware, or losing both.
Block CEO Jack Dorsey quoted the Bitkey announcement, adding, “see all the bits.”
Bitkey’s Features
A self-custody wallet, also known as a non-custodial wallet, lets users fully control their private keys and cryptocurrency assets. Bitkey includes a mobile app, a hardware device, and a set of recovery tools in case the user loses their phone or the keys.
Bitkey uses three keys, one on the hardware, one on the phone, and one on their server, requiring only two to sign a transaction.
Unlike major Bitcoin hardware wallets that rely on 12-24 word recovery phrases, Bitkey uses fingerprint, phone, and cloud backups for secure management.
Price Action: Block shares rose 0.06% in after-hours trading after closing 0.49% lower at $71.28 during Monday’s regular trading session.
According to Benzinga’s Edge Stock Rankings, the stock exhibited upward price momentum across short-, medium-, and long-term horizons.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Frederic Legrand – COMEO on Shutterstock
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