After signing up, BitGo creates three keys. The first key is stored by the company’s servers, the second key is encrypted and stored on BitGo’s servers and the third key is printed out and put somewhere safe. In a worst-case scenario where someone loses access to the other keys, the third can still keep their Bitcoins secure. If they want to spend the coins, access to two of three keys is required.
Typically, users would spend Bitcoins by logging into their BitGo account and using their phone to get access to a second key. Anyone can use the BitGo wallet, but the company sees a real opportunity in building bank-like services that let companies put corporate controls over their Bitcoins.
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