|By Business Wire||
|August 12, 2014 09:00 AM EDT||
The Bitcoin Foundation, the leading member-driven non-profit trade organization working to standardize, protect and promote the Bitcoin protocol, and BitGo, the first Bitcoin multi-sig wallet secure platform, today announced that the Bitcoin Foundation has selected BitGo Enterprise™ for increased operational capacity through multi-signature wallets, risk diversification, and the ability to implement scalable internal treasury controls.
Jodie Brady, Director of Operations for the Bitcoin Foundation, said, “BitGo is the first in the ecosystem to provide a sophisticated wallet for securely managing spending authority at an institutional level. BitGo are truly innovators in that they are bringing functionality traditionally provided by conventional banking services to the Bitcoin ecosystem.”
The Bitcoin Foundation conducts the majority of its financial transactions in Bitcoin, including payroll, technical grants, and other activities. BitGo Enterprise provides the foundation with financial and management tools that are the first of its kind in the Bitcoin ecosystem, paving the way for more businesses to effectively manage Bitcoin assets. Spending limits with approvals, multi-user wallets, and institutional reporting enable BitGo Enterprise customers to safely and easily embrace the substantial advantages of Bitcoin.
"The race towards mainstream Bitcoin adoption is happening faster than anyone expected, in no small part due to the Bitcoin Foundation’s efforts,” said Will O’Brien, BitGo chief executive officer and co-founder. “This rapidly changing environment requires constant investment and innovation in reliable tools and services as well as security technology and policies, which is our core focus at BitGo. We are very pleased and honored to help the foundation, one of the most influential and impactful organizations in our community."
With its $12 million Series A financing led by Redpoint Ventures and Radar Partners, BitGo operates the leading Bitcoin multi-sig secure wallet platform. The company launched the industry’s first multi-sig Bitcoin wallet in 2013, and has created a range of innovative security products that leverage and strengthen emerging industry standards. In 2014, the company launched BitGo Enterprise™, the first multi-user, multi-sig secure Bitcoin wallet designed for corporations, financial institutions, and other large holders of Bitcoin.
BitGo’s multi-sig security platform harnesses two powerful Bitcoin security standards: BIP16 (P2SH) and BIP32 (hierarchical deterministic wallets). BitGo uses a “2-of-3 key” configuration in which three keys are issued for a single Bitcoin address and any two are required to sign a transaction. BitGo’s unique approach to key generation, key management, and corporate treasury policies ensures that funds are protected from theft and loss while remaining easily accessible for day-to-day commercial use.
ABOUT BITCOIN FOUNDATION // Established in July 2012, the Bitcoin Foundation is the leading member-driven non-profit digital currency trade organization dedicated to serving the business, technology, government relations, and public affairs needs of the Bitcoin community. The foundation works to protect and standardize the Bitcoin protocol and software, to broaden the use of Bitcoin through public education and by fostering a safe and sane legal and regulatory environment, and to support local Bitcoin efforts by connecting a network of Bitcoin communities worldwide. Think Globally, Act Locally. Join us!
ABOUT BITGO, INC. // BitGo is a leading Bitcoin security platform and a pioneer of multi-sig technology. The company offers an enterprise-grade, multi-sig, multi-user Bitcoin wallet, as well as API access to its underlying security platform. BitGo was founded by Mike Belshe, Ben Davenport, and Will O’Brien, veterans in online security, digital currency, and financial technology. Investors and advisors include elite Silicon Valley venture capitalists and angels, and Bitcoin industry insiders who have backed successful companies like PayPal, Netscape, Red Hat, Proofpoint, Verisign, Juniper Networks, Yammer, and Tesla.
BitGo, BitGo Enterprise, and BitGo Cold Key are the trademarks and service marks of BitGo, Inc.
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