Bitkey Wallet: A New Wallet That Doesn’t Require A Backup Seed Phrase

Bitkey is a new self-custody Bitcoin wallet developed by Block, a company co-founded by Jack Dorsey.

Bitkey consists of a mobile app, a hardware device, and a set of recovery tools, Block announced Thursday.

Notably, the wallet doesn’t require the the user to store a backup seed phrase, instead, a wallet backup is stored by Block. Of course, this does require the user to trust Block as a third-party.

The app and hardware device form two of the three keys to secure a customer’s Bitcoin, with the third stored on Bitkey’s servers. This third key is used to verify transactions made by customers using only their phone (when they don’t have the hardware device to hand) and to recover their wallet if they lose their phone, device or both.

The app allows customers to make Bitcoin transactions via mobile phones, while the hardware device stores their assets offline.

The wallet is accessible in over 95 countries and is available for pre-order, with shipping expected to start in early 2024. The device costs $150 USD.

The wallet is designed to connect to Block’s payments platform, Cash App and Coinbase to facilitate the buying and selling of Bitcoin within the app.