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
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Frederick  Munawa

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


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.