Privacy tech firm Proton rolls out self-custodial Bitcoin wallet to all users

Privacy and security company Proton has rolled out its self-custodial Bitcoin wallet on iOS, Android and web to all users following a successful early access program.

Founded in 2014 in Switzerland by scientists who met at the European Organization for Nuclear Research (CERN), Proton is known for services like Proton Mail, Proton VPN and Proton Drive, focusing on providing encrypted communication and storage solutions that prioritize privacy, claiming over 100 million user accounts.

“Nearly 11 years after the launch of Proton Mail, now the world’s largest encrypted email service, Proton is again leveraging cryptography to empower people,” the firm said in a statement shared with The Block. “This time, to give people control of their money with Proton Wallet, the safer, easier way to hold and transact with bitcoin.”

Proton Wallet lets users buy, store and transfer bitcoin, incorporating features like sending bitcoin via email and enhanced security by leveraging its existing infrastructure. The wallet is designed to be more accessible for newcomers to start using bitcoin and adopt it as a means of payment outside the control of centralized institutions.

Proton is no stranger to bitcoin, describing itself as a long-time supporter of the foremost cryptocurrency, accepting payment and donations in bitcoin since its early days. The company also previously disclosed its bitcoin treasury policy , confirming it holds bitcoin as part of its financial reserves.

“Proton has long been a supporter of Bitcoin,” Proton founder and CEO Andy Yen said. “In 2014, during Proton's initial crowdfunding campaign, bitcoin became a lifeline when PayPal temporarily blocked our ability to receive contributions. We believe empowering users to have digital freedom also requires financial freedom in addition to privacy.”

Proton is entering the industry from a unique angle, however. It is not a crypto company, cryptocurrency issuer, or exchange. Proton is a non-profit that aims to preserve privacy and freedom online. 

“With Proton Wallet, our aim is to make it easier and safer for users to embrace alternative forms of money which are independent from centralized financial systems controlled by third parties who do not always work in the best interest of everyday people," Yen added.

‘Sending bitcoin as easy as sending an email’

Proton first unveiled its self-custodial Bitcoin wallet solution last July, initially available to users on its Proton Visionary plan. Proton Visionary is an exclusive plan for early supporters, which got its name from a group of crowdfunding contributors who donated significant funds in 2014 to make Proton Mail possible. The firm claims over 100,000 users subsequently took part in the wallet’s early access stage, using the same battle-tested end-to-end encryption as Proton Mail. 

The firm said that while centralized crypto exchanges provide vital services to the industry, trusting them can lead to significant risks from hacks, banned accounts or bankruptcies and believes Bitcoin empowers individuals to manage their personal finances without depending on big banks, big tech or other intermediaries.

Proton Wallet is built with a focus on transparency and user control. As an open-source platform, it allows anyone to verify security claims and independently audit its features. Its self-custodial design enables users to retain complete control of their encryption keys, ensuring that no one, not even Proton, can access their bitcoin.

The wallet also prioritizes privacy by encrypting as much private data as possible on users’ devices, with Bitcoin transactions and messages end-to-end encrypted so that no one, including Proton, knows users’ transaction histories or balances. If users ever lose access to Proton, they can import their funds to another Bitcoin wallet using a 12-word seed phrase.

Proton Wallet also aims to make sending bitcoin as easy as sending an email — taking the same approach as Proton Mail by handling all the technical details of securely sending and receiving bitcoin in the background. 

Provided both the sender and receiver have a Proton Wallet, only the recipient’s email address is needed to send them bitcoin, even if it’s not a Proton Mail email address, the firm explained — avoiding the need to share and verify more complex Bitcoin addresses that can lead to user errors. It also automatically rotates addresses each time a user receives bitcoin from a new sender, improving privacy by making it harder to link transactions.

Proton Wallet only supports bitcoin at launch but may integrate other currencies, including fiat, in the future, depending on user feedback, the firm said last year.