Proton has been busy this year. They have been at it, pushing upgrades to their existing services by adding new functionality and addressing issues.
A week after adding an open-source AI writing assistant to their Mail service, they have yet again introduced a new tool to further bolster their privacy-focused suite of apps and services.
The new service is called “Proton Wallet” and is aimed at users of Bitcoin.
Proton Wallet: A Safe Haven For Bitcoin
Rolled out in a limited, early access manner, Proton Wallet is a self-custodial wallet for storing Bitcoin, with Proton's well-known end-to-end-encryption tech safeguarding it.
As for what a self-custodial wallet is. It ensures that a user doesn't lose control over their encryption keys, allowing them to not lose access to their Bitcoin or their digital assets.
In this case, even if Proton as an organization were to go shut down, a user's wallet would be safe, in contrast to the many horror shows we have seen in recent times (read FTX).
During the launch, Director of Engineering at Proton, Dingchao Lu added that:
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.
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.
Some key features of this wallet include things like having an open-source/independently audited nature, allowing users to send/receive Bitcoin via Email, and enabling users to buy Bitcoin in over 150 countries, thanks to integration with licensed third parties.
The user interface looks pretty sleek in my opinion:
There's also support for two-factor authentication, and a possibility of adding support for other currencies. But, that depends on the feedback they receive from users after the full launch. At launch, only Bitcoin will be supported.
Proton has also mentioned that in the near future they will be offering a Proton Wallet Plus plan that will come equipped with their Proton Sentinel protection program for particularly vulnerable users such as activists, journalists, executives, etc.
For more details on all of this, refer to the announcement blog.
Get Proton Wallet
Proton Wallet will be limited to the users of the Proton Visionary plan and Lifetime plan. Those users can then choose to invite other people to try out Proton Wallet.
For the rest of us, we will either have to sign up for the waitlist for a chance at getting early access, or simply wait it out until they fully launch it.
In any case, users with or without access can head to the official website to get additional information on that and sign up for the waiting list.
For the source code, users can visit Proton Wallet's GitHub repo.
💬 What do you think of this Bitcoin wallet? Should competitors be worried?
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