- Proton has released a self-custodial Bitcoin wallet solution. Proton is well-known for its privacy-focused products, such as Proton Mail and Proton VPN.
- Before a wider launch, early access users can first access Proton Wallet.
Proton, a privacy and security startup, released its open-source Proton Wallet on Wednesday with the goal of making using Bitcoin BTC -2.97% easier for users.
Proton, which prioritizes privacy and offers encrypted communication and storage solutions, was founded in 2014 by scientists who met at the European Organization for Nuclear Research (CERN) in Switzerland. With over 100 million user accounts, Proton is well-known for its services, including Proton Mail, Proton VPN, and Proton Drive.
With features including email-based bitcoin transfers and improved security thanks to the utilization of its current infrastructure, its new wallet solution seeks to enable customers to purchase, store, and move bitcoin. With the integrated on-ramps of Proton Wallet, users may purchase bitcoin in more than 150 countries.
Proton stated that it aims to make the wallet easier for beginners to use and accept bitcoin as a form of payment independent of centralized organizations.
We better protect Proton from the hazards associated with traditional finance by making it easier for us and the entire Proton community to use decentralized payment methods, according to Andy Yen, founder and CEO of Proton. Bitcoin transactions are now as simple to use as PayPal thanks to Proton Wallet’s support for Bitcoin via email, all while maintaining the decentralized and non-custodial characteristics of Bitcoin.
According to the company, sending bitcoin simply requires the recipient’s email address, even if it isn’t a Proton Mail email address. This eliminates the need to share and validate more complicated Bitcoin addresses, which may result in user errors. At launch, Proton Wallet will only support bitcoin; but, based on user input, it may eventually integrate fiat and other currencies as well.
With strong recovery mechanisms and user-controlled private keys, the self-custodial wallet ensures that no one—not even Proton—can access the users’ digital assets. Two-factor authentication and access to Proton Sentinel, which blocks unauthorized login attempts using AI, machine learning, and human analysis, are integrated into Proton Wallet. According to the company, this makes it possible for Proton to safeguard user accounts even in cases where they have already been compromised or if an attacker has obtained the user’s login information.
For a brief while, users on the Proton Visionary plan can now use the web, android, and iOS versions of Proton Wallet through early access. According to the company website, Proton Visionary is an exclusive plan for early backers that got its name from a group of crowdsourcing participants who made substantial donations in 2014 to enable Proton Mail.
Proton Wallet allows visionary users to add up to ten additional people on their invite list, and anybody can join the waitlist, according to the company. Proton Wallet Plus, a premium version, is also anticipated eventually.
The route of Proton’s Bitcoin from donations to the Treasury Reserve
Proton describes itself as an avid supporter of the most popular cryptocurrency, bitcoin, therefore it is familiar with the platform.
Since its inception, Proton has taken bitcoin donations and payments after PayPal momentarily stopped sponsoring its original campaign. The business has previously acknowledged that it maintains bitcoin in its financial reserves by disclosing its bitcoin treasury policy.
Proton has personal knowledge with the perils associated with the conventional financial industry. According to Dingchao Lu, director of Proton Wallet, PayPal briefly froze our assets in 2014 and almost put an end to Proton before it ever got off the ground. We have never forgotten that event, which is why we are launching Proton Wallet in an effort to lessen global reliance on centralized financial institutions. Millions of people worldwide can now enjoy greater financial freedom, privacy, and safety by having ownership over their own encryption keys and digital assets.
According to the company, even though bitcoin is the most popular cryptocurrency, doubt and security worries have kept it from taking off. Since many wallets are maintained by centralized platforms, users run the danger of losing their money in the event that one of these platforms fails, as happened to the FTX cryptocurrency exchange in 2022.
But Proton is joining the market in a different way. It is not an exchange, nor is it a cryptocurrency firm or issuer. The stated goal of the non-profit organization Proton is to protect freedom and privacy online.
Similar to other self-custodial wallets, Proton’s technology will guarantee that customers may access their bitcoins even in the event that Proton the firm shuts down. Proton aims to make Bitcoin accessible to everyone who desires the financial independence it affords, rather than just the tech-savvy.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
