Firm behind Proton Mail unveils self-custodial Bitcoin wallet
Quick Take Proton, known for its privacy-focused solutions like Proton Mail and Proton VPN, has unveiled a self-custodial Bitcoin wallet solution. Proton Wallet is initially available to early access users ahead of a broader rollout.
Privacy and security company Proton unveiled its open-source Proton Wallet on Wednesday, aiming to simplify users’ Bitcoin BTC -0.038% experience.
Founded in 2014 in Switzerland by scientists who met at the European Organization for Nuclear Research (CERN), Proton is known for services like Proton Mail, Proton VPN and Proton Drive, focusing on providing encrypted communication and storage solutions that prioritize privacy, claiming over 100 million user accounts.
Its new wallet solution aims to let users buy, store and transfer bitcoin, incorporating features like sending bitcoin via email and enhanced security by leveraging its existing infrastructure. Proton Wallet’s integrated on-ramps enable users in more than 150 countries to buy bitcoin.
Proton says it wants to make the wallet more accessible to newcomers to start using bitcoin and adopt it as a means of payment outside the control of centralized institutions, according to a statement shared with The Block.
“By enabling us and the entire Proton community to more easily adopt means of payment which are not controlled by centralized institutions, we better insulate Proton from the risks posed by traditional finance,” Proton founder and CEO Andy Yen said. “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.”
Provided both the sender and receiver have a Proton Wallet, only the recipient’s email address is needed to send them bitcoin, even if it’s not a Proton Mail email address, the firm explained — avoiding the need to share and verify more complex Bitcoin addresses that can lead to user errors. Proton Wallet will only support bitcoin at launch but may integrate other currencies, including fiat, in the future, depending on user feedback, it said.
The self-custodial wallet is designed to give users control over their own private keys with “robust” recovery methods, meaning that no one else, including Proton, can access their digital assets. Proton Wallet includes built-in two-factor authentication and access to Proton Sentinel — which uses machine learning, AI and human analysis to block malicious login attempts. “This enables Proton to protect users’ accounts, even in situations where they have already been compromised or an attacker has gained access to the user’s login credentials,” the firm said.
Web, Android and iOS versions of Proton Wallet are currently in early access to users on its Proton Visionary plan, which has been made available again for a limited time. Proton Visionary is an exclusive plan for early supporters, which got its name from a group of crowdfunding contributors who donated significant funds in 2014 to make Proton Mail possible, according to the firm’s website.
Visionary users can invite up to ten others to access Proton Wallet, and there is also a waitlist that anyone can join, the firm noted. A paid version, Proton Wallet Plus, is also planned in due course.
Proton’s bitcoin journey from donations to treasury reserve
Proton is no stranger to bitcoin, describing itself as a long-time supporter of the foremost cryptocurrency.
Proton has accepted payment and donations in bitcoin since its early days after its initial crowdfunding was temporarily frozen by PayPal. The company also previously disclosed its bitcoin treasury policy , confirming it holds bitcoin as part of its financial reserves.
“Proton has experienced first-hand the dangers of the traditional financial sector. In 2014 PayPal temporarily froze our assets and nearly ended Proton before it even got started,” Proton Wallet Director Dingchao Lu said. “That moment has stayed in our minds ever since and with the launch of Proton Wallet we want to reduce the world’s dependence on centralized financial institutions. 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.”
While bitcoin is the most widely adopted cryptocurrency, it has still been hindered by security concerns and skepticism, the firm said. Many wallets are custodied by centralized platforms, meaning that if such a platform collapses, as was the case with the FTX crypto exchange in 2022, users run the risk of losing their assets
Proton is entering the industry from a unique angle, however. It is not a crypto company or cryptocurrency issuer, nor is it an exchange. Proton is a non-profit with a stated mission to preserve privacy and freedom online. “Proton is maybe the last organization one would expect to enter the Bitcoin space, but it hopes through the launch of Proton Wallet, to provide exactly what the space needs to gain mainstream trust and acceptance,” the firm said.
Proton’s solution, like other self-custodial wallets, will ensure users still have access to their bitcoin, even if Proton the company disappeared. “Proton seeks to bring Bitcoin out of the domain of the tech-savvy and into the hands of anybody who wants to access the financial freedom it enables.” the firm added.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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