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

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

Updated Oct 31, 2022, 4:34 p.m. Published Oct 29, 2022, 4:30 p.m.
Synonym's Bitkit wallet unveiled at Lugano's Plan B Forum (Stephen Alpher/CoinDesk)
Synonym's Bitkit wallet unveiled at Lugano's Plan B Forum (Stephen Alpher/CoinDesk)

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.

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Read more: What Is a Seed Phrase?

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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What to know:

Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.

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  • Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions. 
  • Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.

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