BitGo Posts $1 Billion in Bitcoin Transactions in Single Quarter

Bitcoin security platform BitGo has released new corporate information showing transactions of over US$1 billion in bitcoin for the most recent quarter. Wallet and API provider Coinkite and Bitcoin-to-Gold exchanger Vaultoro have also posted impressive growth metrics for Q3.

So much for ‘Doom-and-Gloom’ in the Bitcoin space

While many critics and “Nervous Nellies” choose to not see progress within the Bitcoin ecosystem, the facts beg to differ as BitGo announced it has transacted over US$1 billion in bitcoin in a single quarter.

Meanwhile, BitPay has seen massive Bitcoin expansion and interest in Latin American countries this year along with the fact that venture capital for Bitcoin business and development has more than doubled in the first six months of 2015.

BitGo takes control of multi-sig market

BitGo has also revealed that it now controls a majority of market share for all P2SH wallet addresses.

BitGo CEO and co-founder Mike Belshe:

“BitGo was the first to pioneer the secure, multi-signature wallet platform for bitcoin. […] As we reach this billion dollar milestone, we’re happy to know so many customers are seeing the value of our solution.”

BitGo CEO and co-founder Mike Belshe

With many highly-publicized, large-scale Bitcoin thefts taking place over the last two years, multi-sig Bitcoin security has become a major growth sector in the Bitcoin space. The P2SH share of overall Bitcoin wallets has grown more than 80% just within the last quarter, particularly among commercial and high volume traders. BitGo’s goal has been to make P2SH more user-friendly, and the market has responded.

“For the sake of accuracy, our metrics do not count change address outputs. As an example if a user sends someone $13 from a wallet with $17 in it, we only count the $13 transactions and not the transfer of $4 back into the wallet,” said Regina Scolaro, Director of Marketing for BitGo. “We have chosen to use this methodology because we believe that in order to get a true sense of activity within the Bitcoin space, this should be the standard measurement.”

Coinkite Vaultoro also impress

BitGo isn’t the only one with good news in the Bitcoin marketplace. Coinkite has also reached a lofty threshold of over US$250 Million in bitcoin transactions during the not-yet-completed third quarter of 2015. Coinkite now handles around 10% of all daily Bitcoin transactions across over 180 countries worldwide.

“It is remarkable what can be done with the right team and bitcoin. We are processing 5-10% of all bitcoin transactions,” says Coinkite CEO Rodolfo Novak on the company’s blog. “Over the past 2 years that we’ve been in business, we have never lost customer funds.”

Coinkite’s Bitcoin platform provides solutions for multi-sig wallets, merchant tools, developer API, and hardcore privacy. They have seen nothing but impressive market growth over the last two years, worldwide. Their monthly transactions are now consistently passing US$130 million.

Novak also revealed Coinkite’s big plans for the future to CoinTelegraph, saying:

“We are trending to be 4 times that mid next year. The next milestone is 1 billion per quarter.”

Furthermore, Bitcoin/Gold exchange company Vaultoro has passed US$1 Million in trading volume, with month-to-month growth exceeding 90%. New bitcoin markets like India show great investment potential.

Vaultoro CEO and co­founder Joshua Scigala said in a statement:

“The developing world skipped the landline and went direct to mobile phones. They are now doing the same with traditional branch banking because its just too uneconomical to set up. This will go a long way towards ending poverty by including a potential 5 billion people who have been left behind by traditional banking.”

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