Proton launches self-custodial Bitcoin wallet

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

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

“We may try to add fiat currency in the future, but that would require a Swiss banking license and so is not possible today,” Proton founder and CEO Andy Yen said of support for fiat currencies.

Send email like BTC

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

This way, the wallet allows users to send Bitcoin via email.

Users will leverage 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 like Gmail and Outlook; this will be possible if the user has a Proton Account.

In terms of 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 security features of the wallet.

The key to Proton Wallet’s focus on security and privacy is two things:

The company claims that, first of all, there is built-in two-factor authentication and an “optional wallet password.” The latter is separate from the user’s login credentials, providing an extra layer of protection, the Proton CEO said.

The other is Proton Sentinel, an AI-powered security program that will offer more account protection. Proton reportedly uses this program to protect activists and journalists, among other users, from cyberattacks.