Click here to close now.




















Welcome!

News Feed Item

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

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

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...