Coinbase partners with Block's self-custody wallet Bitkey

Coinbase said Thursday that it has partnered with Bitkey, the self-custody bitcoin wallet app from Jack Dorsey's Block, in a move that will allow customers to easily purchase bitcoin while maintaining control of their private keys. 

Bitkey users can buy, sell and transfer bitcoin via Coinbase Pay on their mobile app or hardware wallet through the new partnership. The platform is still in beta testing, but a public launch is planned later this year.

"Customers participating in the global beta program will see a game-changing feature that allows you to effortlessly move your bitcoin from centralized exchanges to the secure Bitkey self-custody wallet," Coinbase said in a statement. 

Coinbase self-custody 

"When Bitkey moves into its wider public launch later this year, customers will also be able to seamlessly buy bitcoin and initiate the transfer of their bitcoin bought on Coinbase to their self-custody Bitkey wallet, all within the Bitkey wallet using Coinbase Pay," Coinbase continued. 

The feature will be available to joint Bitkey and Coinbase customers in countries including the U.S., Canada, UK, Brazil and Australia. Transparent pricing will allow customers to "understand the true cost of their bitcoin purchase."

"Partners play a key role in bringing self-custody to a wider group of people around the world, and we are incredibly proud to have partnered with leading companies like Coinbase to make self-custody both secure and easy to use," Bitkey business lead Lindsey Grossman said in the statement.