Top US crypto exchange Coinbase plans to integrate Bitkey, a self-custody wallet developed by Jack Dorsey’s fintech company, Block.
In a recent announcement, Coinbase says it has entered a global partnership with Bitkey in an effort to foster the growth of self-custody usage.
Dorsey, the billionaire co-founder and former CEO of Twitter, plugged the new partnership online.
“Buy Bitcoin from an exchange and move it to a hardware key you control.”
News of the partnership comes in the wake of Bitkey’s announcement to open applications for its beta program that will allow users 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.
The wallet project is also partnering with mobile payments giant Cash App, according to a recent press release. Customers will see Coinbase and Cash App’s buy and transfer Bitcoin (BTC) capabilities embedded in the Bitkey app.
Bitkey also plans to launch its full public version later this year, according to Coinbase.
Coinbase’s new partnership materializes as the exchange confronts regulatory uncertainty in the United States.
Last week, the U.S. Securities and Exchange Commission (SEC) sued the company, alleging it operated as an unregistered securities exchange, broker and clearing agency.
The SEC is also charging Coinbase for “failing to register the offer and sale of its crypto asset staking-as-a-service program.”
The regulator is seeking civil penalties, as well as disgorgement on the exchange’s “ill-gotten gains” with prejudgment interest imposed.
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