Proton Mail team launches a non-custodial wallet for BTC

What’s new? Proton AG, a non-profit organization founded by CERN scientists and known for its privacy-oriented products such as Proton Mail and Proton VPN, has introduced a non-custodial bitcoin wallet called Proton Wallet. It has been made available to a limited number of users in early access ahead of its full-scale launch.

Material by The Block

What else is known? Proton Wallet allows you to buy, store and transfer bitcoins, including via email. The product offers enhanced security provided by the company’s existing infrastructure. The payment solutions integrated into the wallet allow users from more than 150 countries to buy BTC.

At launch, the wallet only supports BTC, but in the future the developers may integrate other currencies, including fiat currencies, depending on user response. There are also plans to eventually release a paid version of Proton Wallet Plus.

In a press release, the developers specified that the product is aimed at newcomers to the crypto space who would like to use bitcoin as a means of payment outside the control of centralized institutions and thus secure themselves from the risks inherent in traditional finance.

“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,” noted Proton CEO Andy Yen.

It is not necessary to have a Proton Mail account to send bitcoins via email, the only requirement is that both participants in the transaction have a Proton Wallet. Using email addresses simplifies the transaction, as newcomers can make mistakes when specifying standard, more complex bitcoin addresses, the developers note.

Proton Wallet supports built-in two-factor authentication (2FA) and access to Proton Sentinel, which uses machine learning, artificial intelligence and manual analysis to block malicious login attempts.

Web-based versions of Proton Wallet for Android and iOS are in early access as part of the Proton Visionary initiative. It applies to participants in the crowdfunding program who donated significant funds to launch Proton Mail in 2014.

Proton began accepting cryptocurrency from its early days: after PayPal froze its crowdfunding program. Proton also holds bitcoins as financial reserves.

“Proton has experienced first-hand the dangers of the traditional financial sector. In 2014 PayPal temporarily froze our assets and nearly ended Proton before it even got started. That moment has stayed in our minds ever since and with the launch of Proton Wallet we want to reduce the world’s dependence on centralized financial institutions,” Proton Wallet Director Dingchao Lu said