OAKLAND, Calif. – Block, Inc. (NYSE: SQ), the parent company of Bitkey, has announced the introduction of a new inheritance feature for its self-custody bitcoin wallet, Bitkey. This feature, which is poised to start rolling out next month, aims to provide a secure and straightforward method for Bitkey users to transfer their bitcoin to beneficiaries after the owner’s passing. The full rollout of the service is expected to be available to all Bitkey customers by January 2025.

The Bitkey Inheritance feature is designed to address the complexities involved in passing on digital assets. Traditionally, individuals holding bitcoin must rely on a patchwork of solutions, including memory-dependent passwords or intricate instructions for their heirs. Bitkey’s new service simplifies this process, allowing wallet owners to designate a beneficiary who can claim the inheritance. The feature will be included with the purchase of every Bitkey hardware device, benefiting both new and existing customers.

To initiate the inheritance process, a Bitkey user sends an invitation to a chosen beneficiary through the Bitkey app. Upon acceptance, the inheritance plan is established, with the option for the user to change or remove beneficiaries at any time. Importantly, beneficiaries remain unaware of the specific bitcoin amount they are to inherit, as they cannot view or access the benefactor’s wallet.

A six-month waiting period is required for an inheritance claim to prevent accidental or fraudulent claims. During this period, Bitkey will notify the original wallet owner of any initiated claims, allowing them to cancel if necessary. Initially, the inheritance feature will be limited to one beneficiary per wallet, and the beneficiary is required to set up their own Bitkey wallet.

This announcement follows Bitkey’s recent recognition in TIME’s ‘Best 2024 Inventions’ list within the Privacy & Security category. Bitkey, known for its simple and secure approach to self-custody, allows users to manage their bitcoin without the stress of complex passwords or seed phrases.

The information for this article is based on a press release statement from Block, Inc. Bitkey’s new inheritance feature represents the company’s ongoing commitment to enhancing user experience and security in the realm of digital asset management.

In other recent news, Block Inc. has shown impressive financial performance with a 19% increase in gross profit, reaching $2.25 billion. The company’s adjusted free cash flow has also notably improved to $1.5 billion from $945 million in the previous year. Block projects a 14% year-over-year growth for Q4 2024.

In terms of analyst ratings, Bernstein maintains an Outperform rating on Block Inc. with a price target of $90.00. The firm’s analysis highlights Gross Payment Volume (GPV) growth as a key indicator for the company’s stock performance. BMO Capital Markets has also raised its price target for Block Inc. to $94, maintaining an Outperform rating on the shares.

In the company’s future plans, Block aims to achieve the Rule of 40 by 2026, focusing on mid-teens gross profit growth and a mid-20% adjusted operating income margin. As part of its expansion efforts, the company plans to enhance its product offerings, including the rollout of Afterpay on the Cash Card. These recent developments highlight Block’s strategic direction and potential for continued growth.

InvestingPro Insights

Block, Inc.’s (NYSE: SQ) introduction of the Bitkey Inheritance feature aligns with its position as a prominent player in the Financial Services industry, as highlighted by InvestingPro Tips. This innovation could potentially contribute to the company’s expected net income growth this year, another insight provided by InvestingPro.

The company’s financial health appears robust, with InvestingPro Data showing a market capitalization of $56.17 billion and a strong revenue of $23.86 billion over the last twelve months as of Q3 2024. Block’s revenue growth of 14.75% during this period demonstrates its ability to expand its business, which could be further bolstered by innovative features like Bitkey Inheritance.

InvestingPro Tips also indicate that Block’s stock has shown a strong return over the last month and three months, with the price trading near its 52-week high. This positive momentum could reflect investor confidence in the company’s strategic moves, such as the Bitkey enhancement.

It’s worth noting that Block does not pay a dividend to shareholders, focusing instead on growth and innovation. For investors interested in a deeper analysis, InvestingPro offers 8 additional tips that could provide further insights into Block’s financial outlook and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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