'Move Your Bitcoin Off The Exchanges': Jack Dorsey's Block Launches Self-Custody BTC Wallet
Portfolio Pulse from Khyathi Dalal
Block Inc (NYSE:SQ), founded by Jack Dorsey, has launched Bitkey, a self-custody Bitcoin wallet available in over 95 countries. Bitkey, which can be used as a mobile app or hardware storage, features a two-of-three multi-signature wallet and secure hardware device with recovery tools. Block's Q3 2023 revenue was $5.62 billion, with Cash App contributing $1.16 billion. The company's Bitcoin investments yielded a $44 million profit. Coinbase Global Inc (NASDAQ:COIN) and Cash App are the first global partners for Bitkey.
December 07, 2023 | 9:23 pm
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POSITIVE IMPACT
Coinbase Global Inc's partnership with Block for the Bitkey wallet could enhance its product offerings and potentially attract new users, positively impacting its stock.
As a global partner for Bitkey, Coinbase could see a positive impact from the association with a new security-focused product. This partnership may attract new users to Coinbase, looking for secure Bitcoin storage, which could positively influence its stock price in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Block Inc's launch of the Bitkey self-custody Bitcoin wallet could attract customers seeking security in digital asset storage, potentially boosting user engagement and revenue.
The launch of Bitkey is directly related to Block Inc and could increase the company's attractiveness to customers who prioritize security, especially after the collapse of several crypto exchanges. This could lead to increased user engagement and revenue, positively impacting the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90