Privacy-Focused Proton Unveils Self-Custody Bitcoin Wallet
The near-death experience inspires Proton AG to enter the crypto space with Proton Wallet.
- The PayPal block inspired Proton Wallet in 2014.ย
- Proton AG eyes the personal payment segment and is set to compete against Google Pay and Apple Pay.
- Proton integrates AI in the Proton Sentinel Program to safeguard against threats.
Swiss software developer Proton AG enters into the crypto space following the unveiling of a self-custodial Bitcoin wallet. The privacy-focused software developer launched Proton Wallet.
Proton AG confirmed the new wallet in a Wednesday, July 24 post on X (formerly Twitter). The milestone for the company comes after a near-death experience when PayPal barred the Swiss company from accessing its services.
Coincidentally, the launch of the self-custodial wallet comes hours before the Bitcoin faithful head for the annual conference in Nashville, Tennesse.
Proton clarified that the new Proton Wallet is open source. Additionally, it automatically utilizes multiple Bitcoin addresses available in a pool generated relative to each user. Doing so makes it difficult to link the transactions, thus enhancing privacy.
Proton Wallet Guarantees Simplified Verification
The Proton Wallet is set to include the Bitcoin via Email feature that guarantees a simplified verification approach. In particular, the user will only verify the email address, thereby relieving the copy-and-paste of the 26-character Bitcoin address.
Proton AG chief executive Andy Yen admits that while unveiling the Bitcoin wallet seems odd, the Switzerland-headquartered company has harbored the idea since 2014.
Yen added that individuals privy to Proton’s history recall the traumatic experience when PayPal restricted the company in the Summer of 2014. The block and unbanking by PayPal prompted the decision to start accepting Bitcoin donations.
Yen considers the self-custody Bitcoin wallet to be personally driven by the underlying events. The software developer added that one can neither perceive nor understand unless one is in such a situation.
Yen informed The Guardian then that PayPal blocked Proton for the uncertainty of ascertaining whether the company was legal or had the authority to encrypt emails.
Yen considers the block fortunate, citing the price variance between 2014 and a decade later.
Yen was noncommittal in disclosing the Bitcoin the company received when PayPal restricted its use of the services. Notably, the Bitcoin price is over 1000%, from $648 to hovering around $65,000 per CoinGecko.
Yen clarified that Proton Wallet is only available in the beta to select users. Nonetheless, the chief executive assured us the larger rollout would be imminent later this year.
Proton Integrates AI to Bolster Security
Yen observed that Proton AG prioritized the development of the Proton Sentinel Program to bolster security. The initiative taps artificial intelligence (AI) integrated with human analysis to spot and safeguard against threats.
Yen added that Proton Wallet is autonomous from other suite products and will run under the Proton Financial AG subsidiary. Nonetheless, the executive admitted user feedback and community reception may prompt its incorporation into other products, such as the Proton Mail – the flagship product of Prooton AG.
Yen considers Proton AG’s primary objective to be building a range of services with competitive attributes of tech giants such as Apple and Google. In particular, it eyes the personal payment segment currently dominated by Apple Pay and Google Pay.
Yen considers the pursuit of the journey to align with the shift from a cash-based society to a fully digital ecosystem. He added that adding more businesses and users to adopt crypto is a crucial safeguard to financial privacy.
Yen decries that the tech titans often lack the best interest in data usage. In particular, they frequently abuse as they desire.
Yen clarified that though Proton AG unveiled the Bitcoin wallet, he ruled out its transformation to a crypto company. He reiterates that Proton is primarily a privacy, security, and encryption entity.
Yen admitted that the opportunity to integrate a Bitcoin wallet offered considerable benefits to pass up. The advantages are compelling to the space, possibly bringing a unique product missing in the segment.
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