Proton, known for its secure VPN service, is entering the cryptocurrency space with the Proton Wallet, a self-custody Bitcoin wallet. This wallet allows users to control their private keys, ensuring they are not dependent on Proton for access to their Bitcoin. Proton’s motivation to create this wallet stemmed from a 2014 incident where PayPal froze its assets, emphasizing the risks of relying on centralized financial institutions.
The Proton Wallet includes features like a recovery phrase for key recovery, two-factor authentication, and end-to-end encryption to ensure top-notch security. Even Proton employees cannot access users’ Bitcoin. Additionally, the wallet enhances privacy by rotating public addresses with each new transaction, making it difficult to track transactions through blockchain explorers.
Currently, the Proton Wallet is available in early access to subscribers of Proton’s Visionary or Lifetime plans, with plans to release it to all users soon. The wallet supports only Bitcoin at launch, but Proton intends to add more cryptocurrencies based on user feedback. A Proton Wallet Plus plan is also in development to offer additional protection for vulnerable users such as activists, journalists, and executives.
Integration with the Proton ecosystem, which includes 100 million accounts, allows users to send and receive Bitcoin using email addresses instead of long public keys. This integration simplifies transactions and enhances the user experience within the Proton ecosystem.
Proton’s innovation extends beyond cryptocurrency; it recently introduced Proton Docs, an end-to-end encrypted document editor aimed at offering a private alternative to Google Docs.
Proton Docs emphasizes privacy, pledging never to track user data or use it for AI training. Based in Switzerland, Proton benefits from strong privacy laws and is not part of the Five Eyes alliance, ensuring robust protection against both local and foreign surveillance.
