Switzerland Based Company Proton launches Self Custody Bitcoin only Wallet

Proton unveiled its open-source self-custody digital wallet called Proton Wallet, allowing users to hold digital assets, according to a post on Wednesday.

Starting today, @ProtonWallet early access is available.

Proton Wallet is a safer way to hold and transact in Bitcoin. Features like #Bitcoin via Email make sending #BTC as easy as sending email while being self-custodial.

Learn more & get early access: https://t.co/uskddNrr7L

— Proton (@ProtonPrivacy) July 24, 2024

According to a press release, this new solution is accessible on the web, Android, and iOS platforms and is presently in early access. This is the first cryptocurrency product for the Switzerland-based firm recognized for its secure email, VPN, and storage services.

Proton Wallet is a cryptocurrency wallet that aims to simplify the process of utilizing bitcoin. As of right now, the wallet only supports bitcoin; however, the company promises that, based on user feedback, it will eventually add support for additional currencies.

Proton Wallet differs from other cryptocurrency wallets due to its integration with the Proton ecosystem, which has over 100 million accounts. This suggests that in order to transfer cryptocurrency assets to other Proton wallet users, users of the wallets will just need to enter their email addresses rather than copying and pasting lengthy public keys. To further facilitate users' ability to buy bitcoins with fiat money, Proton has partnered with external on-ramp companies, currently Banxa and Ramp.

As a self-custody wallet, Proton Wallet gives users complete control over their private keys. You must use a set of public and private keys to authorize transactions before sending cryptocurrency to another wallet.

According to a statement from Andy Yen, co-founder and CEO of Proton, "We specifically addressed these issues with Proton Wallet." The inability to transact in Bitcoin and security concerns have limited its usefulness to society.

One interesting privacy-focused feature of Proton Wallet is that whenever a user sends or receives assets from a new person, the public address is rotated. In this manner, it is not possible to track every previous transaction linked to a particular public address using a blockchain explorer, the post added.

Disclaimer: This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.