Proton is known for its high security products such as Protonmail, Proton VPN, Proton calendar, Proton Pass and Proton Drive.
Known as a privacy activist company, it’s no wonder the company is making its way into the cryptocurrency world. Proton has just unveiled its new product: Proton Wallet. As the name suggests, it is a wallet for storing cryptocurrency. Currently, it is just possible to buy, store, send and receive Bitcoin. Users are the only ones who hold their private keys (self custodial) and where no financial data is accessible to the company.
Unlike the usual crypto exchanges, where users' funds are stored by a third-party platform, Proton Wallet promises to be completely independent of Bitcoins. Users have sole control of their encryption keys, ensuring that no third party authority, including Proton, can access their funds. Proton Wallet also has a strict privacy policy by encrypting data directly on the user’s device, which also prevents Proton from accessing balances and transaction history.
With Proton, it is now possible to send Bitcoin by email. This option simplifies the adoption of Bitcoin payments by eliminating the need to enter complex addresses. All the holders of a Protonmail email address and Proton wallet can exchange in this way easily and anonymously Bitcoin.
It is also possible to buy Bitcoin directly via the wallet through Ramp Network, Banxa or MoonPay directly by bank card. The portfolio also has advanced security options. For example, it is possible to use a system of rotation of Bitcoin addresses at each transaction, limiting the traceability of funds and improving the confidentiality of Proton users. The wallet also has open source compatibility, allowing everyone to independently check the wallet’s code. The application also has a self custodial storage with a 12-word seed phrase to retrieve its funds on any other compatible wallet.
The Swiss company announced that improvements will be made based on feedback from users.
With Proton Wallet, we want to enable users to adopt alternative forms of money more easily and safely, independent of centralized financial systems. Andy Yen, CEO of Proton
It is likely that other cryptocurrencies will appear in the future on the wallet. Proton Wallet is currently available on iOS, Android and the web.
