Block (NYSE: XYZ) has unveiled a series of bitcoin-centric products and features designed to enhance its standing in custody, payments, and financial infrastructure. The announcements include the launch of a new Bitkey hardware wallet equipped with a built-in screen, expanded bitcoin earning tools within Cash App, a Proof of Reserves system, and a forthcoming Square tap-to-pay capability for bitcoin transactions.
The updated Bitkey hardware wallet signifies a transformation in user interaction with self-custody solutions. This device features a secure touchscreen that serves as a verification layer for transaction approvals and security settings.
Continuing to operate on a 2-of-3 multisignature model, Bitkey eliminates the requirement for seed phrases. Furthermore, it incorporates inheritance features and a design centered on privacy. Block has initiated preorders for this device and published a technical document detailing its framework pertaining to security, recovery, privacy, and usability.
Enhancements to Cash App’s Bitcoin Features
Cash App has undergone several bitcoin-focused updates aimed at accumulation and accessibility. Users can now convert incoming peer-to-peer payments into bitcoin, effectively transforming transfers into recurring purchases. Additionally, the company introduced a “Bitcoin Back” program, which provides 5% rewards in bitcoin on eligible transactions conducted with Square merchants, subject to a monthly limit.
The platform has increased bitcoin withdrawal limits to $10,000 per day and $25,000 per week. It has also eliminated fees and spreads on purchases exceeding $2,000 and enabled direct deposit in bitcoin without incurring additional costs. These enhancements position Cash App as a more dynamic gateway for bitcoin utilization in relation to income and expenditures.
Furthermore, Block has implemented a Proof of Reserves system that encompasses its corporate treasury and customer holdings across Cash App and Square.
This system employs on-chain signatures to facilitate public verification of bitcoin balances. The company has emphasized that these reserves remain under active management rather than relying solely on historical snapshots.
At the Bitcoin Las Vegas 2026 event, Block intends to showcase bitcoin payments through Square utilizing NFC tap-to-pay technology. This system obviates the need for QR codes and leverages the Lightning Network for transaction settlement. Merchants will be able to accept bitcoin through a process akin to contactless card payments. Block has announced plans to offer zero processing fees for these transactions through 2026.
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