BitGo releases multi-signature Bitcoin wallet

Friday 26 September 2014 14:09 CET | News

US-based Bitcoin start-up BitGo has released a new Bitcoin wallet, which uses multiple signature technology for security purposes.

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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Keywords: BitGo, cryptocurrencies, Bitcoin, online wallet, Bitcoin wallet
Categories: DeFi & Crypto & Web3
Countries: World
This article is part of category

DeFi & Crypto & Web3