|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
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
May. 3, 2016 09:45 PM EDT Reads: 276
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
May. 3, 2016 09:30 PM EDT Reads: 1,087
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
May. 3, 2016 09:00 PM EDT Reads: 1,166
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
May. 3, 2016 09:00 PM EDT Reads: 1,183
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
May. 3, 2016 08:45 PM EDT Reads: 931
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
May. 3, 2016 08:45 PM EDT Reads: 1,264
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
May. 3, 2016 08:30 PM EDT Reads: 1,186
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
May. 3, 2016 08:30 PM EDT Reads: 1,218
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
May. 3, 2016 08:15 PM EDT Reads: 968
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
May. 3, 2016 08:00 PM EDT Reads: 1,300
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
May. 3, 2016 08:00 PM EDT Reads: 1,018
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
May. 3, 2016 07:30 PM EDT Reads: 1,912
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
May. 3, 2016 06:45 PM EDT Reads: 1,190
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. 3, 2016 06:30 PM EDT Reads: 723