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Bitcoin Security Pioneer BitGo Raises $12 Million in Series A Financing from Redpoint Ventures, Stratton Sclavos and Syndicate of Leading Bitcoin Investors
|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.”
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
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
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
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