Jack Dorsey’s Block Inc Furthers Bitcoin Foray With New Hardware Wallet Called Bitkey | Tech News

Jack Dorsey’s Block Inc Furthers Bitcoin Foray With New Hardware Wallet Called Bitkey

Block Inc. is offering a new hardware Bitcoin wallet as crypto advocate Jack Dorsey focuses the payments company formerly known as Square more on security and self-governance for the digital-asset sector.

By:BLOOMBERG
| Updated on: Dec 08 2023, 09:35 IST
5 Tech Titans who reacted to Twitter-killer Threads - Jack Dorsey to Elon Musk, check it out
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1/7 On their part, Adam Mosseri, Head of Instagram, posted this note on the Threads app, “Here we go. We have lots of work to do, but we’re looking to build an open, civil place for people to have conversations.” (REUTERS)
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2/7 At the same time, Meta Platforms CEO, Mark Zuckerberg said, "Our vision is to take the best parts of Instagram and create a new experience for text, ideas, and discussing what's on your mind.” (AP)
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3/7 Elon Musk - While Musk did not directly talk about the Threads app, the Twitter chief took a dig at Meta CEO Mark Zuckerberg’s comment about how Twitter runs, saying, “It is infinitely preferable to be attacked by strangers on Twitter than indulge in the false happiness of hide-the-pain Instagram.” Musk also responded to a meme with a laughing emoji on Twitter which showed a keyboard with copy-and-paste buttons, implying that Threads was just a copycat of Twitter. (REUTERS)
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4/7 Jack Dorsey - The former Twitter CEO and current co-founder of Bluesky Social mocked the similar interface of several Twitter alternatives in a tweet. He wrote, “We wanted flying cars, instead we got 7 Twitter clones.” (REUTERS)
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5/7 Bill Gates - Announcing his arrival on the new microblogging platform, Microsoft co-founder Bill Gates wrote on Threads, “I’m excited to jump into @threadsapp,” while also sharing a GIF of him jumping over a chair. (REUTERS)
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6/7 Carl Pei - Nothing co-founder and CEO Carl Pei has also joined Threads. In his first post, he wrote, “I don’t know if Threads is going to make it or not, but at least it has closed the door for Bluesky.” (Bloomberg)
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7/7 M.G. Siegler - In a tweet, M.G. Siegler, general partner at Google Ventures wrote about Threads, “Sort of strange that Instagram is about to launch Threads to try to eat Twitter just as Retro is starting to eat Instagram Stories…” (Google Ventures)
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Called Bitkey, the wallet allows users to self-custody the cryptocurrency on a hardware device that resembles a USB thumb drive. (REUTERS)

 Block Inc. is offering a new hardware Bitcoin wallet as crypto advocate Jack Dorsey focuses the payments company formerly known as Square more on security and self-governance for the digital-asset sector. 

Called Bitkey, the wallet allows users to self-custody the cryptocurrency on a hardware device that resembles a USB thumb drive. While similar products have been available for a while, the majority of crypto assets are still held on trading platforms. 

Dorsey unveiled the San Francisco-based company's efforts to develop the new hardware wallet and a Bitcoin mining system in 2021, with the goal of decentralizing the Bitcoin network and making both safe storage and mining of the digital asset more accessible. 

Users of the wallet can connect with crypto exchanges and payment services including Block's Cash App, allowing them to transfer the token between platforms. 

“We have already started working with Cash App from day one and we are looking for other synergies as well,” Block's Bitcoin Hardware Lead Thomas Templeton, said in an interview. 

Bitcoin mining is an energy-intensive process in which miners use specialized computers to validate transactions on the Bitcoin blockchain in return for rewards in the form of the token. Most of such operations have been set up and run by public companies or deep-pocketed private investors. 

“When you look at the Bitcoin space, there are tools and products that are built for super users or a subset of people deep in the industry but there is not a product for regular folks dipping their toes in the space,” Templeton said. 

 

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First Published Date: 08 Dec, 06:40 IST
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