Table of Contents
- Proton introduced its self-custodial Bitcoin wallet
- It’s in early access for users and supports only Bitcoin for now
- Proton Wallet focused on robust security measures like Proton Sentinel
- It also provides robust recovery methods and user control over private encryption keys
Swiss company Proton has introduced its self-custodial Bitcoin wallet, which provides secure and independent Bitcoin exchange and storage for its users.
What Exactly Does Proton Wallet Offer?
The primary feature of Proton Wallet is that it provides a convenient and secure way for users to use Bitcoin. Users can make transactions by specifying a Proton Email Account, which can also be an Alias to maintain confidentiality.
Proton Wallet includes built-in two-factor authentication and access to Proton Sentinel, a service that uses machine learning, AI, and human analysis to block malicious login attempts.
Right now, Proton Wallet provides early access for users on the Proton Visionary plan, but they want to create a paid version, Proton Wallet Plus, with additional features in the future.
Also, at the moment, it only supports Bitcoin, but that could probably change if this solution is successful.
Why Is Proton Wallet Worth Considering?
There are several reasons, one Proton is a Swiss based company whose privacy laws are much stricter than in the US and EU. This should mean that Proton users will have extra protection for their privacy.
Also, Proton is originally a security-focused company and, for many, is the leading secure solution for email, cloud, and so on. This is because the company uses strong encryption protocols for all of its solutions and stores encryption keys on the user side so that no one else can access the data.
And, of course, it’s worth noting that Proton has heavily developed its ecosystem and now offers secure email, cloud storage, password manager, calendar, notes, and its own VPN. Such a suite allows for the complete elimination of services from Google in many scenarios, with more secure and confidential alternatives.
“By enabling us and the entire Proton community to more easily adopt means of payment which are not controlled by centralized institutions, we better insulate Proton from the risks posed by traditional finance,” Proton founder and CEO Andy Yen said. “Proton Wallet’s ability to support Bitcoin via email now makes Bitcoin transactions as easy to use as PayPal while preserving the decentralized and non-custodial nature of Bitcoin.”
Conclusion
If the launch and adaptation of Proton Wallet are successful and a quality fit into their ecosystem, it could be a very big step toward increasing their user base.
While adding a self-custodial wallet is not competitive with Google, where there are still a couple of gaps to transition users fully – a self-custodial Bitcoin wallet under the strict jurisdiction of Switzerland and from a company with great security expertise could be a strong argument for many to choose it.
