Bitkey partners with Coinbase and Cash App through First Global.
Bitkey, which is a Bitcoin wallet app that allows for self-custody, has partnered with Cash App and cryptocurrency exchange Coinbase (NASDAQ: COIN). The announcement was made on June 15 and marks the first two global partners for the Bitcoin wallet application, with the aim of making self-custody more accessible. Customers are able to purchase Bitcoin and the partnership ensures control over private keys.
Previously, the former CEO of Twitter, Jack Dorsey, conducted an in-house beta of the Bitcoin self-custody wallet, which was only available to Block employees. Block is now opening up access to the general public in the coming weeks. Block plans to roll out the full Bitkey product suite in several countries, including the UK, US, Australia, and Canada. Following the global public launch later this year, customers will have access to more functionalities, such as buying BTC and initiating transfers from Coinbase to Bitkey across six continents.
Bitkey Integrates with Coinbase and Cash App
Bitkey strategically chose Coinbase and Cash App as its global partners. Coinbase is the largest cryptocurrency exchange in the US by trading volume, while Cash App is owned by Block and provides mobile payment services, stocks, and Bitcoin in a single application. The relationship among the three parties will allow Bitkey users to buy and sell BTC through Coinbase and Cash App directly from within the wallet app. The main criteria in choosing Coinbase and Cash App are security standards, price transparency, availability of fiat payments, and global reach.
The business lead for Bitkey, Lindsay Grossman, said that it was important to partner with global forces to reach more audiences worldwide. The executive added that liaising with Coinbase is an assurance that the self-custody service remains secure.
Bitkey referred to some information it passed in March while announcing Coinbase and Cash App as the new partners. The Jack Dorsey-backed Bitcoin wallet talked about how strategic alliance can help in its mission to empower the new 100 million people on BTC self-custody.
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“Partners play a key role in this journey and will help us widen the pie of self-custody adoption by making it easier and safer to move bitcoin from exchanges to Bitkey’s self-custody wallet where we can empower customers to truly own and manage their money on their own terms.”
Bitkey users will begin to see either or both Cash App and Coinbase in their app. They can also transfer their existing BTC with any of the partners on the same app. According to the press release, the feature enabling the transfer of existing Bitcoin and purchase with global fiat currencies will be available shortly.