Home / Markets News & Opinions / BitGo Bitcoin Wallet Introduces Free Services For Individuals and Major Improvements

BitGo Bitcoin Wallet Introduces Free Services For Individuals and Major Improvements

Last Updated March 4, 2021 4:43 PM
Scott Fargo
Last Updated March 4, 2021 4:43 PM

BitGo is announcing they are beginning to offer their services free for individuals. This news comes packed with several updates across the board. BitGo is adding features needed by enterprise customers; these include secure wallet sharing, address labeling and management. On top of it all they offer advanced audit capabilities like transaction memos. These robust features keep BitGo ahead of the pack in security and usability.

Also Read: BitGO’s Bitcoin Wallet Now Backed by World-Class Insurance

BitGo Free for Individuals

BitGo SecurityFrom their release:

BitGo®, the leader in bitcoin security, today introduced new pricing for its services and key product updates for its industry-leading, multi-sig bitcoin services. BitGo is now free for individuals and free to try for businesses, making the most secure, multi-sig bitcoin wallet service available and affordable to everyone. With significant upgrades to its web wallet user experience, BitGo has also now made available many of the enterprise security features to individuals and greatly enhanced the ease of use of its secure bitcoin wallet software.

CCN.com was able to interview CEO Will O’Brien about the changes.

Having BitGo free for individual is an important part of helping people learn about Bitcoin security and have peace of mind in managing their Bitcoins. With so much focus on bringing BitGo to businesses, what can individuals expect?

BitGo has built the world’s most secure bitcoin web wallet. It’s multi-sig, HD at the core and risk controls like spending limits add critical security measures. We want everyone to be able to use this wallet, not just businesses, which is why we made it free for individuals.

Will O'Brien of BitGo
Will O’Brien of BitGo

BitGo has made contributions to Bitcoin such as helping BitStamp after their recent hack. Why do companies want to use BitGo?

Companies are signing up in droves to build on top of the BitGo Platform API. It helps them get faster to market and start with the right foundation for security. We are really excited by the integrations from our customers and will have many more announcements of that type to make this year.

Also Read: Bitcoin Exchange Bitstamp Is Back Online with Multi-sig Security after Hack

The enterprise division of BitGo is getting some updates as well from revamped pricing to better auditing capabilities. Businesses this last year benefited from BitGo’s aggressive moves to protect, like when they stepped in to save BitStamp after the popular exchange was hacked causing the loss of $5 million in Bitcoin.

BitGo Delivers Security and Functionality

This announcement comes on the heels of several major moves by BitGo. Earlier this year, the company launched the BitGo Platform API™, a highly scalable set of tools and services that allow any developer to rapidly deploy state-of-the-art operational infrastructure for their bitcoin business. The BitGo Platform API has already been integrated by leading exchanges like Bitstamp and a host of consumer and enterprise services. BitGo, in partnership with C4, also introduced the CryptoCurrency Security Standard, a template for certifying the 10 fundamental aspects of cryptocurrency security. And finally, BitGo secured first-of-its-kind comprehensive insurance coverage for bitcoin theft from the global, A-rated XL Group insurance companies, offering a baseline $250,000 protection for all commercial customers.

BitGo’s deal to bring insurance to the industry is historic. With so many companies entering the industry, will it be able to scale fast enough and high enough to meet demand?

Yes, we have structured the insurance policy so we can scale our security promise to our customers as demand scales.

The new Multi-Sig updates are quite interesting. What are some of the key elements you feel people and businesses should be aware of?

For businesses, we have added more capabilities to the wallet like transaction memos and address labeling. We have also greatly improved the security and ease of use of sharing wallets. Everyone will benefit from the new user experience which is a major upgrade in look & feel and usability.

BitGo is continuing to work to offer the best protection they can for businesses and individuals. Their tools being so extensive and scaling up to the largest enterprise levels give them a broad reach in their industry. Will O’Brien is working hard with his team to promote Bitcoin around the world in their efforts to help people secure their Bitcoins. We will be watching to see what they do next and bring you the latest as it happens.

Will you use BitGo’s multi-sig security tools for yourself or your business? What features do you still want to see from BitGo?