What does Jack Dorsey's Bitkey Wallet's deep integration with Square, featuring a hexagonal aluminum stone, mean?

Block Company, led by X (Twitter) co-founder Jack Dorsey, is fully committed to the long-term Bitcoin project BTC, the core product of which is Bitkey, a self-custodial Bitcoin wallet. According to the official website Bitkey Release Notes roadmap, Bitkey launched Version 2024.59.1 in 2024, launched biometric fingerprint login in the same month, and then successively launched the Pin setting function and special hardware with APP to use, because Jack Dorsey is a well-known Bitcoin whale and the former founder of X, this wallet has been highly concerned by the market since its launch.

Bitkey uses a big stone with the APP.

Bitkey aims to simplify the process of managing one's Bitcoin private keys while maintaining high security. The Bitkey Wallet boasts a multi-signature design that employs three sets of keys, combining mobile, hardware devices, and cloud keys, allowing users to securely control their assets without relying on exchanges or third parties. Bitkey has a unique design where users possess an aluminum stone resembling a hexagon, which also serves as the hardware device and can be viewed as a hardware backup.

Bitkey is gradually introducing more features, transforming this Wallet from a simple asset storage tool into a comprehensive Bitcoin platform that encompasses daily payments, privacy protection, asset inheritance, and community interaction. Additionally, this year Bitkey is integrating Square payment functionality, which is a portable payment platform popular among micro-merchants and creative artists. Block states that the integration of Square will upgrade Bitcoin payments for use in everyday consumption.

As Reuters reported earlier this year on Aug. 7, Block, which saw revenue growth in the second quarter, raised its annual gross profit forecast, helped by strong consumer spending by the payments company. Bitkey is a key product under Block, and the upcoming integration of bitcoin payments with Square, which is popular with micro-merchants, will be a highlight.

Square Bitcoin Payment Integration

In addition to the upgrade of the Bitkey Wallet's functionality, according to information from the official website, Block has also simultaneously started integration work with the payment platform Square, aiming to allow users to participate in Bitcoin payments directly through the Bitkey Wallet in the near future. Jack Dorsey stated that this feature will not be implemented overnight, but will require gradual deployment and overcoming technical and regulatory challenges. However, Block has already showcased a prototype of the payment integration at this year's Bitcoin industry conference, indicating that Square merchants will be able to accept Bitcoin payments from the Lightning Network in the future and choose to keep them as cryptocurrency or automatically convert them to fiat currency.

The seamless integration of this off-chain payment with Wallet symbolizes the vision of Bitcoin as a "daily currency" is nearing realization. For Jack Dorsey, this is also an extension of his long-standing emphasis on Bitcoin's disintermediation and economic autonomy. Interestingly, past crypto Wallets have boasted about being "light and compact," allowing users to record their seed phrase on a piece of paper to recover the Wallet's functionality. However, they are now increasingly being replaced by many new hardware designs and biometric recognition. Dorsey's Block company is moving towards the concept of a portable vault, and in the future, carrying Bitcoin will also involve carrying substantial hardware. Will the market accept this shift? Let's continue to watch.

This article discusses what the deep integration of Jack Dorsey's Bitkey Wallet with Square, accompanied by a hexagonal aluminum stone, means. It first appeared on Chain News ABMedia.