Privacy and security email firm Proton has unveiled the Proton Wallet, a self-custody Bitcoin-only wallet allowing users to hold digital assets.
In an announcement, the email firm based in Switzerland stated that the launch of Proton Wallet is a step toward facilitating the adoption of Bitcoin as a payment method outside the control of centralized institutions for newcomers.
The organization has implemented end-to-end encryption in Proton Mail to safeguard email communications. The Bitcoin self-custody wallet is user-friendly for novices and includes features such as Bitcoin via Email, which Proton Sentinel secures.
In 2014, scientists convened at the European Center for Nuclear Research (CERN) to develop Proton. They created the encrypted email service, which over 100 million individuals have utilized.
Proton’s Support for Bitcoin Over the Years
Proton emphasized the significance of financial freedom and accepted payments and donations in Bitcoin over time, including when its initial crowdfunding funds were temporarily suspended by PayPal, which nearly bankrupted the company.
In the past, Proton has also disclosed a Bitcoin treasury policy, which confirms that Bitcoin is a component of its financial reserves. The company is taking a substantial stride to safeguard the economic independence of its consumers with the introduction of the Proton Wallet.
The Proton Wallet is currently in early access and accessible to users on the Proton Visionary plan on the web, Android, and iOS. The company provided this information.
This plan is being reintroduced for a limited time. Users who have been granted early access are permitted to invite ten acquaintances to join, and there is a waiting list for those who still need to be.
Bitcoin will be the sole currency supported by Proton Wallet at the time of its inception. It may support additional currencies, such as fiat, in the future, contingent upon user feedback.
Key Characteristics of the Proton Wallet
“Bitcoin via Email” is one of the new wallet’s most notable features. This will capitalize on Proton’s extensive infrastructure and email subscriber base.
The Proton Wallet simplifies the process of sending and receiving Bitcoin. The recipient’s email address is the sole requirement, provided the sender and recipient possess a Proton Wallet.
The Proton Wallet automatically rotates Bitcoin addresses for each transaction, thereby preventing the simple linking of transactions.
It is end-to-end encrypted and self-custodial. This implies that users can manage their encryption credentials, guaranteeing that no one, not even Proton, can access their digital assets. Access to Bitcoins is guaranteed by robust recovery methods, even if the Proton Wallet is unavailable.
The wallet is equipped with two-factor authentication, and Proton Sentinel’s sophisticated machine learning and AI tools will safeguard against malicious login attempts.