PALO ALTO, Calif.--(BUSINESS WIRE)--BitGo, the leading bitcoin security platform and a pioneer in multi-signature wallet technology, today announced that BitFury Group, the largest bitcoin infrastructure provider and bitcoin transaction processing company has selected BitGo for its bitcoin enterprise treasury management solutions.
Highly regarded within the bitcoin industry as the leading bitcoin mining equipment maker, BitFury also mines bitcoin at its several mega datacenters, provides hosting services to its global clients, and trades bitcoin with major financial institutions. With this announcement, BitFury Group becomes the latest Platinum-tier customer for BitGo, and plans to use BitGo Enterprise’s highly scalable service offerings to support its diverse treasury management operations.
“As our business has been scaling rapidly, we were looking for efficient and secure bitcoin corporate treasury solutions that would satisfy our operational needs and meet our corporate governance and reporting standards,” said BitFury CEO Valery Vavilov. “We look forward to implementing this class of tools across our operations as we continue to scale up our business.”
"BitFury Group’s diversified operations offer unique management challenges, requiring the right operational tools and accounting transparency,” said Will O’Brien, BitGo chief executive officer and co-founder. “This partnership with BitFury Group has the potential to grow and establish new standards for the industry."
With total funding of $14 million, including a $12 million Series A round led by Redpoint Ventures and Radar Partners, BitGo was the first company to commercialize multi-signature technology. BitGo has also created a range of innovative security products including BitGo Enterprise™, the first multi-user, multi-signature secure Bitcoin wallet designed for corporations, financial institutions, and other large holders of bitcoin.
In addition to becoming BitGo’s latest Platinum Enterprise customer, BitFury’s investment arm, BitFury Capital, made a strategic investment in BitGo, further demonstrating confidence in BitGo’s multi-signature technology.
"We are pleased to make our second investment into the Bitcoin ecosystem by investing in BitGo. We believe the BitGo team will continue delivering proven results as multi-signature solutions proliferate," commented Marat Kichikov, managing partner of BitFury Capital.
Built around two powerful Bitcoin security standards: BIP16 (P2SH) and BIP32 (HD wallets), BitGo’s multi-signature security platform 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 security policies and procedures for 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 BITGO, INC. // BitGo is a leading Bitcoin security platform and a pioneer of multi-signature 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 Tesla.
ABOUT BITFURY GROUP// BitFury Group is the leading bitcoin infrastructure provider and bitcoin transaction processing company. Founded in 2011, BitFury currently has more than 60 employees globally at management offices in San Francisco and Amsterdam, as well as data-centers in Finland, Iceland and Republic of Georgia. BitFury derives sustainable advantage through its custom-made ASIC chips optimized to achieve the lowest power consumption coupled with the highest processing metrics – the parameters that drive mining margins. BitFury has an impressive track record, having successfully delivered three prior generations of silicon and has a roadmap to at least double performance-per-watt every 6-12 months. BitFury’s management team and board include seasoned industry veterans with a history of execution in silicon engineering, operational build-up and capitalizing businesses.
BitFury has recently launched BitFury Capital, an investment fund aimed at expanding the digital currency ecosystem through strategic partnerships. BitFury Capital’s investment focus includes peer-to-peer technology, renewable energy, and the Bitcoin ecosystem.
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.
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learn more about BitGo Enterprise, visit: https://www.bitgo.com/enterprise.
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