|Headquarters||Palo Alto, CA|
CEO & Co-founder, Mike BelsheCTO, Benedict Chan
|Services||Bitcoin / Blockchain Security Platform API's|
The company offers a multisignature bitcoin wallet service, where keys are divided among a number of owners to manage risk. Specifically, BitGo wallets have three keys: one held by BitGo, and two - one hot and one cold - held by the wallet's owner.
In June 2015 the company launched the Verified by BitGo program, a "proof of reserve" service for bitcoin companies. In October 2015 the company published an open protocol for sharing keys between bitcoin service companies called the "Key Recovery Service".
In 2015, digital currency exchange Bitfinex and BitGo announced a system whereby multi-signature wallets would be provided to each Bitfinex customer, with two of the three keys held by Bitfinex. On August 2, 2016, more than $60,000,000 worth of bitcoin was stolen from Bitfinex. BitGo was not itself hacked, but blindly processed withdrawal requests from the hacker, who had obtained access to Bitfinex's keys.
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- "Bitfinex Reports Security Breach, Bitcoin Price Slumps". Cointelegraph. 2 August 2016.
- "Bitfinex hack raises concerns over multisig technology". News Article. CoinFox. 2016-08-03.