Bitcoin Foundation Selects BitGo Enterprise – Interview with Will O’Brien

Journalist:
Venzen Khaosan @venzen
August 18, 2014

Earlier this week BitGo and the Bitcoin Foundation issued a joint statement announcing the Foundation’s selection of BitGo Enterprise platform for internal financial controls.

BitGo, based in the US, is a leading Bitcoin security platform and a pioneer of multi-sig technology. The company’s BitGo Enterprise™ offers the first multi-user, multi-sig secure Bitcoin wallet designed for corporations, financial institutions, and other large holders of Bitcoin.

Enterprise Grade Bitcoin Wallet

BitGo Enterprise enables the Bitcoin Foundation to implement multi-signature wallets across all its accounting systems and treasury controls. As such, the Foundation boasts increased “operational capacity” and “scalability” of its internal systems. Specifically, the BitGo Enterprise suite provides the Foundation with income/expenditure mechanisms and management tools that enforce spending limits with approvals, multi-user wallets, and institutional reporting that is both automated and granular.

The Bitcoin Foundation operates completely in Bitcoin – payroll, receivables, etc., so this highlights the extent [to which] Bitcoin can be used when properly secured and managed.
Will O’Brien, CEO, BitGo

Jodie Brady, Director of Operations for the Bitcoin Foundation said,

BitGo is the first in the ecosystem to provide a sophisticated wallet for securely managing spending authority at an institutional level. BitGo are truly innovators in that they are bringing functionality traditionally provided by conventional banking services to the Bitcoin ecosystem.

Bitcoin Protocol Enhancements

The company’s new multi-sig security platform harnesses two powerful Bitcoin security standards: BIP16 (P2SH) and BIP32 (hierarchical deterministic wallets). BitGo uses a “2-of-3 key” configuration in which three keys are issued for a single Bitcoin address, and any two are required to sign a transaction. BitGo’s unique approach to key generation, key management, and corporate treasury policies ensures that funds are protected from theft and loss while remaining easily accessible for day-to-day commercial use.

Will O’Brien, CEO of BitGo

“The race towards mainstream Bitcoin adoption is happening faster than anyone expected, in no small part due to the Bitcoin Foundation’s efforts,” said Will O’Brien, BitGo chief executive officer and co-founder. “This rapidly changing environment requires constant investment and innovation in reliable tools and services as well as security technology and policies, which is our core focus at BitGo. We are very pleased and honored to help the foundation, one of the most influential and impactful organizations in our community.”

Reflection

CCN interviewed BitGo CEO, Will O’Brien after the news release and here is what Will had to say:

Scott: What does this news mean to BitGo and Bitcoin?

We are very proud and excited to welcome the Bitcoin Foundation as a BitGo Enterprise customer. This announcement represents increasing momentum and acceptance of our security platform, in this case by the largest and most influential trade organizations in the Bitcoin world. The Bitcoin Foundation has long been the steward of the core Bitcoin protocol code and is a great case study of how to operate an organization with Bitcoin as your core treasury currency. By selecting BitGo Enterprise, the Foundation will be able to scale its financial operations and efficiency. It is a model that the rest of the world will surely follow.

Scott: What are your thoughts on the many strides forward BitGo has made this last few months and a bit about what is ahead?

BitGo is skating to where the puck is headed. We see rapid acceleration in the commercial adoption of Bitcoin, and our mission is to secure the world’s Bitcoin. While we continue to ramp up our customer base on BitGo Enterprise, you can expect us to expand our Bitcoin security platform to empower businesses – from exchanges to remittance to marketplaces and beyond.

Interview and co-ordination: Scott Fargo, compilation and copy: Venzen Khaosan

Last modified (UTC): August 19, 2014 08:56

Venzen Khaosan @venzen

Market analyst and Open source developer with a keen interest in blockchain technology, consensus mechanisms and the decentralizing effect. He has found a solution to the PKI mechanism. Email me to discuss.