Proton launches self-custodial Bitcoin wallet

Proton, a privacy-focused company behind solutions like the Proton Mail and Proton VPN, has launched a self-custody crypto wallet.

The Swiss-based firm announced that the new ‘Proton Wallet’ will initially support only Bitcoin (BTC). As a self-custody wallet, Proton Wallet gives users full control over private Bitcoin keys. The company said it will add support for other crypto assets in due course.

“While we may seek to add fiat currency capabilities in the future, this requires a Swiss banking license and is, therefore, not possible today,” Proton founder and CEO Andy Yen said regarding support for fiat currencies.

Send BTC like email

Yen said in a blog post introducing the new product that the Proton Wallet is designed to bring Bitcoin to anyone by removing the complexities that continue to keep access away from the masses.

As such, the wallet features the capacity for users to send Bitcoin via email.

Users will benefit from the company’s Proton Mail email infrastructure and encryption key management system to send and receive Bitcoin. The wallet will also support users who have emails with third-party providers such as Gmail and Outlook, with this possible if the user has a Proton Account.

As for accessibility, Proton says its wallet will allow users to buy BTC in over 150 countries. The company is partnering with on-ramp providers like Banxa to enable this feature. The company has over 100 million users across its suite of products and could see another wave of Bitcoin adoption hit the market.

Yen also talked about the wallet’s security features.

Key to Proton Wallet’s focus on security and privacy are two things:

First, the company claims a built-in two-factor authentication and an “optional wallet passphrase.” The latter is separate from a user’s login information and provides an extra layer of protection, the Proton CEO said.

The other is the AI-powered security program Proton Sentinel, which will offer further account protection. Proton has reportedly used this program to protect activists and journalists, among other users, against cyberattacks.