Proton Launches Proton Wallet - A Safer Way To Hold Bitcoin

Recently, we reported that Proton, a provider of email, VPN, password manager, cloud storage and other privacy-focused services, had launched its Proton Docs - a new collaborative document editing application.

The idea was to enforce a privacy-first outlook with end-to-end encryption (E2EE) for its services.

Now, the company has taken its first step in the world of cryptocurrency with its new platform – Proton Wallet.

So, what is Proton's new platform about and how will it help users? Let’s explore!
 

What Is Proton Wallet About?

 

• Through a blog post published on its website, Proton introduced its newest product – Proton Wallet, which offers users a safe way to handle and hold Bitcoin.

• While it starts as a self-custodial Bitcoin wallet, the long-term vision with Proton Wallet is to make it a digital wallet that offers users full control of their digital assets, which may evolve over time.

• The wallet offers a wide range of features to make it easy for newcomers to use Bitcoin safely.

• Through integrations, the service makes it easy to buy Bitcoin in 150+ countries.

• The company looks to overcome the complicated processes involved in trading Bitcoin and has made it as simple as sending and receiving email as the company wants “to bring Bitcoin out of the domain of the tech-savvy and into the hands of anybody who wants to access the financial freedom it enables.”

• Proton also plans to add fiat currency capabilities to Proton Wallet in the future.

• “By enabling us and the entire Proton community to more easily adopt means of payment that deliver on the promise of financial freedom for all, we better insulate Proton from the risks posed by traditional finance,” the blog reads.

 

What Security Features Does Proton Wallet Offer?

 

• Just like the other products and services offered by Proton, this too reflects the highest standards of safety and privacy.

• Also, just like the others, Proton Wallet is open source and publicly auditable.

• It comes with end-to-end encryption and two-factor authorization, meaning that the platform also doesn’t have access to a user’s Bitcoin.

• It also leverages AI (artificial intelligence) and ML (machine learning) that analyzes millions of logins to detect and block malicious login attempts with high accuracy through Proton Sentinel.

• Ahead of this, suspicious login attempts are escalated to a team of human security analysts that operate 24/7.

• Furthermore, the platform doesn’t pool individual users’ Bitcoin with those of other users in a centralized place, where it could be accessed by hackers.

• Even the recovery seed phrases are known only to users. “Even if Proton were to entirely disappear someday, you would still have access to the Bitcoin in your Proton wallet with your recovery phrase.”

 

What Did Proton’s Founder And CEO Say?

 

• Andy Yen, the founder and CEO of Proton, said, “Proton is not a crypto company. We do not speculate in crypto, we are not a crypto exchange, and we do not participate in crypto lending. Nevertheless, we believe in the principle of giving you control of your financial freedom.”

• “In the last 50 years, society has transitioned from cash payments to digital payments that big banks and Big Tech can monitor, which has eroded our privacy. These trends have handed immense power to central institutions and intermediaries whose interests are not aligned with the individuals they serve.”

• “With Proton Wallet, anyone can have a free, secure, and easy-to-use Bitcoin wallet that gives you complete control over your digital assets.”

Do you think this move by Proton will help it outshine competitors in the cryptocurrency trading industry? Do you think the company's rivals need to make similar moves? 

Let us know in the comments below!