BitGo, a Palo Alto based secure multi-signature bitcoin wallet platform has recently announced that it has surpassed the $ 1 billion mark. In what appears to be a sure sign of bitcoin transactions picking up, the company has managed to achieve the 10 digit figure in one signal quarter.
Founded in the year 2013, BitGo is the first ever multi-signature bitcoin wallet to be introduced to the bitcoin community. Apart from the bitcoin wallet service, the company also offers enterprise level digital security services over its security as a service platform. BitGo’s enterprise bitcoin wallet and other additional solutions are used by corporate treasuries and for key management applications.
BitGo has been constantly developing and strengthening its security solutions and the company boasts of not experiencing even a single security breach since the launch of its wallet platform and API. Mike Belshe, the CEO and co-founder of BitGo states that security is never a finished feature and hence the company is constantly raising the bar when it comes to security features. He also attributes the increased bitcoin transactions to increased faith in BitGo’s security features among its customers.
BitGo was founded by a bunch of people who have vast experience in online security, digital currency and financial technology sectors. It is also supported by those who have either worked with or invested in companies like Verisign, Proofpoint, Red Hat, Paypal and more.
The multi-signature feature of BitGo wallet comprises of three different keys. Each transaction using the wallet requires at least two of the keys. The company will be in possession of one key whereas the other two keys will be in possession of the user and an offline backup facility respectively. The pay-to-script hash technology (P2SH) is an enterprise grade security measure is used in BitGo wallets to ensure that the security details are not divulged during the transaction.
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