BitGo’s Advanced Multi-Sig Wallet Platform Enables the Foundation to
Further Enhance Internal Treasury Controls
WASHINGTON & PALO ALTO, Calif.--(BUSINESS WIRE)--
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
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
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
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
BitGo, BitGo Enterprise, and BitGo Cold Key are the trademarks and
service marks of BitGo, Inc.
To learn more about BitGo, visit: https://www.bitgo.com.
learn more about BitGo Enterprise, visit: https://www.bitgo.com/enterprise.
Follow BitGo on Twitter: twitter.com/BitGoInc.
BitGo on Facebook: www.facebook.com/bitgoinc
BitGo press resources: bitgoinc.com/press
BitGo’s blog: bitgoinc.com/blog
Joe Volat, 408-645-0448