TLDR
- Proton, known for privacy-focused services like Proton Mail, has launched a self-custodial Bitcoin wallet called Proton Wallet.
- The wallet allows users to send Bitcoin via email addresses, simplifying transactions.
- Proton Wallet includes security features like two-factor authentication and Proton Sentinel.
- The wallet is initially available to early access users, with plans for broader rollout.
- Proton aims to make Bitcoin more accessible to newcomers and promote financial freedom.
Proton, the Swiss company known for its privacy-focused services like Proton Mail and Proton VPN, has entered the cryptocurrency space with the launch of Proton Wallet.
This new self-custodial Bitcoin wallet aims to make cryptocurrency transactions easier and more secure for users.
Proton Wallet, unveiled on July 24, 2024, allows users to buy, store, and transfer Bitcoin. What sets it apart is its ability to send Bitcoin using email addresses, much like how people send regular emails.
This feature is available when both the sender and receiver use Proton Wallet, even if they don’t have a Proton Mail email address.
Andy Yen, Proton’s founder and CEO, explained the reasoning behind this feature,
“Proton Wallet’s ability to support Bitcoin via email now makes Bitcoin transactions as easy to use as PayPal while preserving the decentralized and non-custodial nature of Bitcoin.”
The wallet is designed with security in mind. It’s self-custodial, meaning users have full control over their private keys and digital assets. Proton doesn’t have access to users’ Bitcoin, even during transactions.
The wallet includes built-in two-factor authentication and access to Proton Sentinel, a security system that uses machine learning, AI, and human analysis to block suspicious login attempts.
Proton Wallet is currently available to early access users, primarily those on Proton’s Visionary plan. These users can invite up to ten others to try the wallet.
There’s also a waitlist open to the public. In the future, Proton plans to offer a paid version called Proton Wallet Plus.
The company’s move into the Bitcoin space stems from its own experiences with traditional financial systems. In 2014, PayPal temporarily froze Proton’s crowdfunding campaign funds, nearly ending the company before it began. This incident led Proton to start accepting Bitcoin donations and to hold some of its financial reserves in Bitcoin.
Dingchao Lu, Proton Wallet Director, stated,
“By giving users control of their own encryption keys and their own digital assets, we’re offering financial freedom, improved privacy and safety to millions of people around the world.”
Proton Wallet currently supports Bitcoin only, but the company may add other currencies, including fiat, based on user feedback. The wallet also includes features to help newcomers buy Bitcoin, with integrated on-ramps available in over 150 countries.
As with its other services, Proton has made Proton Wallet open-source. This allows the public to verify the wallet’s security claims. The company has also published its security model for transparency.
Proton emphasizes that it’s not a crypto company, exchange, or lender. Instead, it sees Proton Wallet as an extension of its mission to preserve privacy and freedom online. The company believes that by making it easier for people to use Bitcoin, it can help promote financial freedom and reduce dependence on centralized financial institutions.
As the wallet rolls out to more users, it will be interesting to see how it impacts Bitcoin adoption and use among Proton’s existing user base of over 100 million accounts.
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