Bitcoin Software Company Synonym Launches Bitkit, a Bitcon Wallet Powered by Slashtags Protocol

The firm claims Slashtags will enable web portability and “passwordless” authentication.

AccessTimeIconOct 29, 2022 at 4:30 p.m. UTC
Updated Oct 31, 2022 at 4:34 p.m. UTC

Frederick Munawa is a Technology Reporter for Coindesk. He covers blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks.

LUGANO, SWITZERLAND – Synonym, a Bitcoin software company, has launched Bitkit, a new Bitcoin wallet app that features portable web profiles and passwordless web accounts. The official announcement took place on Saturday at the PlanB Forum Bitcoin conference.

Bitkit is Lightning-compatible and leverages Synonym’s Slashtags protocol. Slashtags is a system that uses Bitcoin cryptographic seeds to create portable web profiles (that can be used across multiple platforms), automatically updated contacts, contact payment preferences and authentication without a password.

The use of Bitcoin cryptographic seeds (via Slashtags) to enable portability is what Synonym believes will set Bitkit apart from other Bitcoin wallets.

“Bitkit isn’t a typical Bitcoin app. Anyone can now take their digital lives with them wherever they go, obsoleting Big Tech’s walled gardens and data surveillance,” said Paolo Ardoino, CSO of Synonym, in a release provided to CoinDesk. Ardino is also the chief technology officer (CTO) of Tether, crypto’s biggest stablecoin by market capitalization.

The wallet app is available in limited public beta mode for both Apple and Android devices.

Synonym also announced Pear Credit, a collaboration with Tether, and Holepunch (a peer-to-peer software company). Pear Credit is an open protocol that allows users to “issue centralized credit tokens without a blockchain,” as tweeted by John Cavarlho, CEO of Synonym.

Finally, Synonym announced Blocktank Instant, a service that allows crypto exchanges to quickly onboard users to the Lightning Network by outsourcing engineering and infrastructure requirements to Synonym.

“The offering removes the need for these companies to run Lightning infrastructure or hire specialized engineers. Exchanges can rely on Synonym’s Blocktank node for instant deposits and withdrawals for their customers,” Synonym stated in the release.

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Frederick Munawa is a Technology Reporter for Coindesk. He covers blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks.

CoinDesk - Unknown

Frederick Munawa is a Technology Reporter for Coindesk. He covers blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks.