Proton enters the Bitcoin space with the launch of Proton Wallet, a self-custodial Bitcoin wallet to give users full control of their assets.
The wallet allows users to send Bitcoin using just an email address, simplifying transactions and reducing errors.
While it only supports Bitcoin now, Proton plans to integrate other cryptocurrencies and fiat currencies in the future.
Proton, a Swiss privacy technology firm best known for its encrypted email and VPN services, has launched Proton Wallet, a self-custodial Bitcoin wallet designed to protect user privacy and security. The wallet is available for both Android and iOS users, allowing users to buy, store, and send Bitcoin without interference from centralized platforms.
The launch comes as the cryptocurrency industry continues to be plagued by cyberattacks, with hackers, scammers, and fraudsters siphoning massive amounts of funds from traders and investors. In 2024 alone, over $1.19 billion has been through exploits, phishing attacks, and exchange breaches, according to security firm CertiK.
A New Chapter for Financial Privacy
These losses have fueled demand for self-custodial wallets, giving users complete control over their assets without relying on vulnerable third parties.
Now, with Proton Wallet, users will be able to manage their assets. The self-custodial design ensures that only the user has access to their Bitcoin, eliminating the risks associated with hacks, exchange failures, or regulatory freezes.
Unlike traditional crypto companies, Proton has no direct ties to the blockchain industry. The company was established by scientists from CERN in 2014, focusing on privacy-first products like Proton Mail, Proton VPN, Proton Drive, and Proton Calendar. Since its launch, the firm has built a reputation for protecting digital communications from surveillance and third-party control.
Despite its non-crypto origins, Proton has supported Bitcoin for years. The company said it accepts Bitcoin for payments and donations and even holds the leading crypto asset as part of its financial reserves.
In an emailed to The Block, Proton’s founder and CEO, Andy Yen, revealed that Bitcoin played a critical role in the company’s early days, recalling how, during the company’s 2014 crowdfunding campaign, PayPal temporarily cut off access to donations, making BTC a crucial alternative.
“During Proton’s 2014 crowdfunding campaign, PayPal temporarily blocked our donations. Bitcoin became a lifeline. We believe digital freedom also requires financial freedom,” Yen said.
“During Proton’s 2014 crowdfunding campaign, PayPal temporarily blocked our donations. Bitcoin became a lifeline. We believe digital freedom also requires financial freedom,” Yen said.
Can Proton Wallet Compete with MetaMask and Trust Wallet?
With Proton Wallet, the company is extending its mission beyond communication privacy to financial privacy. Although Bitcoin is the only supported currency for now, Proton has hinted at potential future integrations for other cryptocurrencies and even fiat options.
The new product is stepping into a crowded and competitive market, going head-to-head with established self-custodial wallets like , Trust Wallet, and BlueWallet. These platforms have been dominant players, offering extensive features like multi-chain support, staking, and DeFi integrations.
However, the wallet plans to stand out by prioritizing financial anonymity and encrypting user data and transactions. Its email-based Bitcoin transfers remove the need for complex wallet addresses, making it easier for beginners.