Coinbase and Block Team Up for Bitkey: Free Self-Custody Bitcoin Wallet
• Top US crypto exchange Coinbase is partnering with Jack Dorsey’s fintech company, Block, to integrate Bitkey, a self-custody wallet.
• Bitkey is currently allowing users to apply for its beta program in order to try the product before its public release.
• Coinbase and Cash App will both provide buy and transfer Bitcoin (BTC) capabilities embedded in the Bitkey app.
Coinbase Partners With Jack Dorsey’s Self-Custody Wallet Bitkey
Top US crypto exchange Coinbase announced a global partnership with Jack Dorsey’s fintech company, Block, to integrate its self-custody wallet Bitkey. The partnership aims to foster the growth of self-custody usage. Billionaire co-founder and former CEO of Twitter, Jack Dorsey plugged the new partnership online.
Bitkey Beta Program
Bitkey is currently allowing users to apply for its beta program in order to try the product before its public release. Selected beta customers will receive a free Bitkey hardware device, the company’s mobile app and a set of recovery tools. In addition, customers can use Coinbase and Cash App’s buy and transfer Bitcoin (BTC) capabilities embedded in the Bitkey app. The full version of Bitkey is expected to launch later this year.
SEC Lawsuit Against Coinbase
The new partnership between Coinbase and Block comes as the exchange faces regulatory uncertainty in the United States due to a recent lawsuit from Securities and Exchange Commission (SEC). The SEC accuses Coinbase of operating as an unregistered securities exchange, broker and clearing agency without registering their “crypto asset staking-as-a-service program” properly. The regulator seeks civil penalties as well as disgorgement on any “ill-gotten gains” with interest imposed by the court if necessary.
Self Custody Usage Growth
The purpose of this global partnership between Coinbase and Block is mainly focused on fostering the growth of self custody usage by providing more access across different platforms for people interested in taking control over their cryptocurrency assets independently from centralized services such as exchanges or banks etc.. This allows users more freedom when it comes to managing their digital assets securely while also being able to take advantage of certain services provided by these third party institutions when needed or desired without tying all their funds up within them permanently or long term .
Conclusion
This newly formed alliance between two giants in cryptocurrency space shows great potential for furthering accessibility & usability around self custody wallets & other associated products & services that are related directly or indirectly which could help drive mainstream adoption even further than what it already has been doing so successfully since inception .