Proton Launches Self-Custodial Bitcoin Wallet

Privacy and security company Proton has rolled out its self-custodial Bitcoin wallet on iOS, Android, and web to all users following a successful early access program.

Founded in 2014 in Switzerland by scientists who met at CERN, Proton is known for services like Proton Mail, Proton VPN, and Proton Drive, focusing on providing encrypted communication and storage solutions that prioritize privacy, claiming over 100 million user accounts.

> “Nearly 11 years after the launch of Proton Mail, now the world’s largest encrypted email service, Proton is again leveraging cryptography to empower people,” the firm said in a statement shared with The Block. “This time, to give people control of their money with Proton Wallet, the safer, easier way to hold and transact with bitcoin.”

Proton Wallet lets users buy, store, and transfer bitcoin, incorporating features like sending bitcoin via email and enhanced security by leveraging its existing infrastructure. The wallet is designed to be more accessible for newcomers to use bitcoin as a payment method outside the control of centralized institutions.

Proton has a history with bitcoin, having accepted payments and donations in bitcoin since its early days. The company also disclosed its bitcoin treasury policy, confirming it holds bitcoin as part of its financial reserves.

> “Proton has long been a supporter of Bitcoin,” said Proton founder and CEO Andy Yen. “In 2014, during Proton’s initial crowdfunding campaign, bitcoin became a lifeline when PayPal temporarily blocked our ability to receive contributions. We believe empowering users to have digital freedom also requires financial freedom in addition to privacy.”

Proton approaches the industry differently; it is not a crypto company, cryptocurrency issuer, or exchange. Instead, it operates as a non-profit that aims to preserve privacy and freedom online.

> “With Proton Wallet, our aim is to make it easier and safer for users to embrace alternative forms of money which are independent from centralized financial systems,” Yen added.

‘Sending Bitcoin as Easy as Sending an Email’

Proton first unveiled its self-custodial Bitcoin wallet solution last July, initially available to users on its Proton Visionary plan for early supporters. The firm claims over 100,000 users participated in the wallet’s early access stage, using the same battle-tested end-to-end encryption as Proton Mail.

The firm acknowledges the vital services provided by centralized crypto exchanges but emphasizes the risks they pose, such as hacks, banned accounts, or bankruptcies. Proton believes Bitcoin empowers individuals to manage their personal finances independently.

Proton Wallet is built with a focus on transparency and user control. As an open-source platform, it enables anyone to verify security claims and independently audit features. Its self-custodial design ensures users retain complete control of their encryption keys.

The wallet prioritizes user privacy by encrypting private data on devices and ensuring Bitcoin transactions and messages are end-to-end encrypted. Users can import their funds to another Bitcoin wallet using a 12-word seed phrase if they ever lose access to Proton.

Proton Wallet aims to make sending Bitcoin as easy as sending an email. When both sender and receiver have a Proton Wallet, only the recipient’s email address is needed to send bitcoin, even if it’s not a Proton Mail address. It also automatically rotates addresses to improve privacy.

Currently, Proton Wallet only supports Bitcoin at launch but may integrate other currencies, including fiat, based on user feedback.