BitGo Update Expands Security Controls for Consumers

Yessi Bello Perez
Mar 16, 2015 at 13:12 UTC
news

Multi-sig wallet provider BitGo has announced a series of updates, enabling consumers to access security controls previously limited to enterprises.

The bitcoin security company has now added multi-user bitcoin wallets, a series of risk controls including spending limits and the ability to ‘whitelist’ bitcoin addresses.

The user upgrade has also seen the addition of “key features requested by enterprise customers”, including secure wallet sharing, address labelling and advanced auditing capabilities.

Will O’Brien, CEO at BitGo, said:

“BitGo’s mission is to secure the world’s bitcoin and we are incredibly excited to offer the security controls and capabilities of BitGo free to all individual holders of bitcoin.”

By updating its commercial pricing policy, BitGo is also offering its services for free to individual users and allowing businesses to enjoy a free month’s trial.

Rising competition

BitGo released the first multi-sig bitcoin wallet in August 2013.

Competition in the space has since risen, with many bitcoin companies such as BitPay, Circle and Coinbase embracing the security feature.

Gavin Andresen, the chief scientist of the Bitcoin Foundation, said that 2014 was the year of the multi-sig wallet during his speech at Amsterdam’s Bitcoin conference.

Multi-signature wallets are the equivalent of safe deposit boxes. They allow multiple parties to partially seed a bitcoin address with a public key.

This means that individuals wanting to spend bitcoin need some of these people to sign their transaction. The necessary number of signatures is agreed when the user creates their bitcoin address.

Funding rounds

The news comes after the bitcoin security provider secured various rounds of funding throughout last year, including a $12m investment led by Redpoint Ventures.

More recently, the bitcoin security specialist announced a new partnership with Innovation Insurance Group and XL Group, enabling it to offer $250,000 in theft insurance to customers who opted in to the program.

Disclaimer: CoinDesk founder Shakil Khan is an investor in BitPay.

Image via Shutterstock.