BitGo Inc. Posts $1 Billion Bitcoin Transactions in Single Quarter

Source:
Press Release

, September 23, 2015 at 08:53 BST

Flawless security record and extensive commercial and enterprise products help company gain majority share of P2SH market in less than two years.

BitGo®, the leading bitcoin security platform, today revealed it has transacted $1billion in a single quarter. A pioneer in multi-sig and P2SH Bitcoin wallet technology, BitGo’s popular wallet and API products have not experienced a single breach, with $0 stolen since the company’s launch in 2013. BitGo also disclosed that its various consumer, enterprise and API wallet products now control a majority of market share for all P2SH wallet addresses.

“BitGo was the first to pioneer the secure, multi-signature wallet platform for bitcoin,” said BitGo CEO and co-founder Mike Belshe. “Security is never a finished feature, so we're continually raising the bar. As we reach this billion dollar milestone, we're happy know so many customers are seeing the value of our solution.”

Wallets secured using multi-sig Pay to Script Hash technology, known as P2SH, are rapidly gaining traction and predicted to soon become the most widely used method of securing and storing Bitcoin. P2SH share of overall Bitcoin wallets grew more than 84% over the past three months, with particular success among commercial and high volume traders. With many highly publicized thefts and breaches in Bitcoin’s recent past, P2SH has proven to be the most secure method for storing bitcoins and the user experience, once deemed too cumbersome, is now simple and accessible.

“For the sake of accuracy, our metrics do not count change address outputs. As an example if a user sends someone $3 from a wallet with $10 in it, we only count the $3 transaction and not the transfer of $7 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.”

BitGo is focused on creating the most secure bitcoin wallet in the world and raising standards for security within the Bitcoin space. As P2SH addresses continue to gain traction, all indications are that users are prioritizing security and will continue opting for solutions that offer multi-sig solutions. BitGo’s core API/Platform product is designed to be easy to integrate and scale, with single users able to create hundreds of thousands of addresses. With ultra-high-volume customers such as Bitfinex and Bitstamp, BitGo’s platform is one of the most tested in the world and retains an unvarnished security record. BitGo wallets also allow auditors, accountants, and financial controllers a real-time view of their employer’s or client’s digital asset transactions.

In addition to its consumer and enterprise wallets, BitGo offers a full suite of corporate management tools that allow businesses and individual traders to complete any Bitcoin transaction or function with complete security and control. A highly flexible and scalable API product allows new or existing Bitcoin operations to rapidly build out their own custom services on top of BitGo’s powerful security infrastructure. BitGo also offers first-of-its-kind comprehensive insurance coverage for bitcoin theft from the global, A-rated XL Group insurance companies, providing baseline protection for all commercial customers, and is pioneering a variety of proof-of-reserve products suitable for exchange, trading desk, and retail use.

ABOUT BITGO, INC.

BitGo is the leader in Bitcoin security and a pioneer of multi-sig technology. The company offers BitGo Enterprise, an enterprise-grade, multi-sig, multi-user Bitcoin wallet, and BitGo Platform API, a robust set of tools and services to access the underlying platform. BitGo was founded by veterans in online security, digital currency, and financial technology. The company has raised more than $14 million in financing from 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. To learn more, visit www.bitgo.com.

The publication of a press release on this page should not be viewed as an endorsement by CoinDesk. Customers should do their own research before investing funds in any company.