Bitcoin vs Banking [infographic]
New Suite of Services Enables Safe, Easy Commercial Bitcoin Transactions
BitGo, a leader in Bitcoin multi-signature security, today announced BitGo Enterprise™, a new suite of services for businesses and financial institutions operating in digital currency. With features such as spending and velocity limits, user management, and 24×7 monitoring, BitGo’s new offering allows businesses of any size and technical ability to take advantage Bitcoin-based opportunities.
“Until now, many enterprises faced challenges using Bitcoin due to the risks associated with securing and accessing Bitcoin assets. BitGo Enterprise was designed from the ground up to give organizations the power to securely store and effectively manage Bitcoin holdings,” said BitGo CEO and co-founder Will O’Brien, who is presenting today on the topic of multi-sig security at Inside Bitcoins in New York City. “Corporate treasury, key management, and reporting are important considerations for companies using digital currency. As an affordable, scalable and completely secure solution that addresses each of these needs, BitGo Enterprise allows any business to safely and easily embrace the substantial advantages of Bitcoin.”
California-based BitGo launched the industry’s first multi-sig Bitcoin wallet in 2013, and continues to create innovative security services on top of emerging industry standards. The company was founded by veterans in online security, digital currency, and financial technology, and is backed by Silicon Valley investors including Bridgescale Partners, Bill Lee (Remarq, Tesla, Yammer), and Eric Hahn (Netscape, Red Hat, Proofpoint).
BITGO MULTI-SIG WALLET AND BITGO ENTERPRISE™ OVERVIEW
BitGo’s multi-sig wallet leverages two emerging standards in Bitcoin: BIP16 (P2SH) and BIP32 (hierarchical deterministic wallets). BitGo uses a “2-of-3 key” configuration in which three keys are issued and any two are required to sign a transaction. This key management protocol ensures that an organization’s funds are protected from theft and loss while remaining easily accessible for normal business use. When a transaction is initiated, BitGo authenticates a user’s identity, adheres to corporate treasury policies and spending limits set by the organization, and validates the transaction against a robust set of network fraud patterns.
“Many features of our enterprise suite such as the corporate treasury tools are totally unique on the market,” said BitGo CTO and co-founder Mike Belshe. “The ability for organizations to assign spending limits and velocity limits, enact delays on large transactions and whitelist recipient addresses – all under the umbrella of BitGo’s multi-signature security – allows businesses to fully realize the benefits of using Bitcoin as a medium of exchange.”
In addition to BitGo Enterprise, the company is also announcing the introduction of an innovative new approach to cold storage, called BitGo Cold Key™, in which one or more keys in BitGo’s multi-sig wallet are generated and stored offline.
SETTING A GOLD STANDARD FOR BITCOIN SECURITY
BitGo is recognized by Bitcoin industry leaders for its bank-grade security and flexible enterprise feature set.
Tony Gallippi, CEO of BitPay, a leading Bitcoin payment processor with over 27,000 registered merchants, said, “BitGo has created best-in-class security solutions for the enterprise and is pioneering the commercial adoption of multi-sig. I’d like to see all of BitPay’s merchants protected by multi-sig wallets by the end of 2014.” BitPay plans to promote BitGo’s business wallet to its merchants starting this month.
BitGo enterprise customer Sator Square Partners, a digital currency alternative investment manager created by former Tradehill and Wall Street executives Robert Adler and Jonathan Silverman, has agreed to use BitGo for security and unique back-office solutions.
“We believe that BitGo understands the needs of the growing Bitcoin ecosystem and is developing state-of-the-art security solutions for institutional clients,” said Robert Adler of Sator Square. “BitGo’s highly experienced management team, adaptable core technology and willingness to adapt its solutions for unique client needs make them an ideal partner for digital currency asset managers such as Sator Square.”
In addition, BitGo has support of some of the top companies pioneering Bitcoin adoption for the mainstream.
Vinny Lingham, CEO of Gyft, a leading digital gift card platform that accepts Bitcoin, explained, “BitGo has built bank-grade solutions that enable Gyft to securely store and spend Bitcoin, giving me and my board peace of mind with our Bitcoin holdings.”
BitGo Enterprise is now available for business customers to sign up at https://www.bitgo.com/enterprise.
