Proton Launches Self-Custody Wallet for Bitcoin Users

Proton, known for its secure email, VPN, and storage services, is stepping into the cryptocurrency arena with its new Proton Wallet. This self-custody wallet, designed to simplify Bitcoin transactions, underscores Proton’s ongoing commitment to user privacy and security.

Initially supporting only Bitcoin, Proton Wallet will eventually expand to other cryptocurrencies based on user feedback. Unlike exchanges like Coinbase or Binance, which manage private keys for users, Proton Wallet allows users to maintain control over their private keys. This self-custody model ensures that users approve transactions using their own key pairs.

Proton Wallet stands out with its integration into Proton’s ecosystem, which boasts over 100 million accounts. Users can send crypto assets to other Proton Wallet users simply by entering their email addresses, eliminating the need for long public keys. Additionally, Proton has partnered with Banxa and Ramp, enabling easy Bitcoin purchases with fiat currency.

“Bitcoin’s value to society has been hindered by the difficulty of transacting, and security concerns, and we designed Proton Wallet to specifically address both. 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,” said Proton co-founder and CEO, Andy Yen.

To further enhance privacy, Proton Wallet rotates public addresses for each new transaction. This prevents tracking of past transactions associated with a specific public address, reinforcing Proton’s commitment to user security.

Access and Availability

Currently, Proton Wallet is accessible only to users subscribed to the Proton Visionary Plan, costing $39.99 per month ($29.99 per month with an annual subscription). This plan provides premium access to all Proton products. The wallet will be available as a web app and on iOS and Android, with plans to roll it out to all Proton users in the future.

Proton Wallet also employs a recovery phrase system, similar to other self-custody wallets like MetaMask and Ledger. This allows users to recover their wallet if they lose their device by entering the recovery phrase on a new device. However, users must safeguard this phrase to avoid phishing scams.

Proton has a history of embracing Bitcoin, dating back to its 2014 crowdfunding campaign when it used Bitcoin as a payment option after PayPal froze its account due to high transaction volumes. This experience solidified Proton’s interest in cryptocurrency and laid the groundwork for Proton Wallet.

While Proton Wallet isn’t reinventing the wheel, it offers a robust and secure option for those new to cryptocurrency. Integrated within Proton’s ecosystem, it aims to make Bitcoin transactions as simple and secure as possible. Despite the polarized views on cryptocurrencies, Proton’s entry into this space reflects its ongoing dedication to providing secure and user-friendly solutions.