|By Business Wire||
|June 16, 2014 11:00 AM EDT||
BitGo™, the leading Bitcoin security platform, today announced it has raised $12 million in Series A financing led by Silicon Valley venture capital firm Redpoint Ventures. Previous investors Bridgescale Partners, Jeff Skoll, Bill Lee, and Eric Hahn participated in the round. New investors include Radar Partners, Founders Fund, Barry Silbert’s Bitcoin Opportunity Corp., Liberty City Ventures, Crypto Currency Partners, Ashton Kutcher & Guy Oseary's A-GRade Investments, and a number of top Bitcoin industry executives and angel investors. This financing makes BitGo one of the most well-funded companies in the Bitcoin ecosystem and positions the company for significant growth.
BitGo also announced that Jeff Brody, founding partner of Redpoint, and Stratton Sclavos of Radar Partners will join its board of directors. Mr. Sclavos was the CEO of Internet security firm Verisign from 1995 to 2007, and has served on the boards of public companies Intuit, Juniper Networks, and Salesforce.com.
“Bitcoin has opened a new frontier much like the advent of the commercial Internet in 1994,” said Stratton Sclavos, Partner at Radar Partners and former CEO of Verisign. “This new industry simultaneously promises endless possibilities while facing meaningful security threats. We believe that Bitcoin’s inherent advantages over existing financial services infrastructure, combined with BitGo’s best-in-class security platform, will accelerate the adoption of digital money as fundamentally as the Internet changed global communication and publishing.”
BitGo (www.bitgo.com) operates a Bitcoin security-as-a-service platform based on its patent-pending multi-signature technology. The company currently offers the world’s most secure online Bitcoin wallet for individuals, and BitGo Enterprise™ (bitgo.com/enterprise), the first multi-sig, multi-user solution for corporations and financial institutions to manage their Bitcoin holdings with enterprise-grade security. The company also enables exchanges, marketplaces, and e-commerce players to use its platform to facilitate secure, multi-party transactions that are secured with BitGo.
BitGo’s founding team is comprised of financial technology, online security, and digital currency veterans Will O’Brien, Mike Belshe and Ben Davenport.
Given a sufficient level of security, Bitcoin is a game-changing technology for global commerce and capital markets. With its decentralized, peer-to-peer ledger of transactions and clearing system, Bitcoin is poised to disrupt traditional payments and money transmission by reducing transaction fees and eliminating fraud and chargebacks. In the developing world, Bitcoin is being adopted as a viable alternative to legacy currencies for storing and transferring wealth.
“We are still in the early innings of the Bitcoin revolution,” said Will O’Brien, chief executive officer and co-founder of BitGo. “BitGo’s mission is to secure the world’s Bitcoin. By solving Bitcoin’s early security concerns for our customers and industry partners, BitGo is excited to help the Bitcoin industry grow with what we believe will be a speed and scale comparable to the Internet itself.”
ENTERPRISE-GRADE BITCOIN SECURITY WITH MULTI-SIG
BitGo offers a complete platform featuring enterprise-grade security, multi-signature wallets, transaction signing policies, private key generation and management, and robust authentication.
Prior to BitGo’s market entry in 2013, Bitcoin wallets were backed by one private key, creating the single point of attack that led to many of the well-publicized security breaches in recent years. BitGo developed a “2-of-3 key” multi-signature wallet in which three keys are issued and any two are required to sign a transaction – the digital equivalent of a bank safe deposit box.
The company has created a range of innovative security products that leverage and strengthen emerging industry standards, including BIP16 (P2SH) and BIP32 (hierarchical deterministic wallets).
ABOUT BITGO, INC.
Silicon Valley-based BitGo launched the first ever multi-signature Bitcoin wallet in 2013, and continues to create innovative security services on top of emerging industry standards. The company operates a security-as-a-service platform that powers the industry’s most secure, online Bitcoin wallet and enterprise solutions for corporate treasury and key management.
BitGo was founded by 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.
BitGo, BitGo Enterprise, Secured with BitGo, and BitGo Cold Key are the trademarks and service marks of BitGo, Inc.
To learn more about BitGo, visit: https://www.bitgo.com.
Follow BitGo on Twitter: twitter.com/BitGoInc.
Follow BitGo on Facebook: www.facebook.com/bitgoinc
Access BitGo press resources: bitgoinc.com/press
Visit BitGo’s blog: bitgoinc.com/blog
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...
May. 28, 2016 07:15 AM EDT Reads: 2,595
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
May. 28, 2016 06:00 AM EDT Reads: 2,225
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
May. 28, 2016 05:00 AM EDT Reads: 3,210
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
May. 28, 2016 05:00 AM EDT Reads: 2,085
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
May. 28, 2016 04:15 AM EDT Reads: 3,171
SYS-CON Events announced today Object Management Group® has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
May. 28, 2016 03:00 AM EDT Reads: 2,514
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
May. 28, 2016 03:00 AM EDT Reads: 1,301
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
May. 28, 2016 02:30 AM EDT Reads: 798
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 28, 2016 01:30 AM EDT Reads: 1,441
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
May. 28, 2016 01:15 AM EDT Reads: 1,273
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 28, 2016 01:00 AM EDT Reads: 1,249
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
May. 28, 2016 01:00 AM EDT Reads: 1,924
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
May. 28, 2016 12:45 AM EDT Reads: 1,322
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
May. 28, 2016 12:30 AM EDT Reads: 2,013
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
May. 28, 2016 12:15 AM EDT Reads: 2,426