Coinkite one of the most secure and useful online Bitcoin Wallets has expanded its multiple signature service to expand to up to 15 members. The expansion and cosigning tool will allow businesses more options and flexibility with their Bitcoin usage, management and security. The new security tool will allow for multiple levels of approvals as well as conditional withdrawal and more. A typical business can now expand their usage of Bitcoin and keep it more secure as well. The multi-signature expansion will allow for a chain of command and approval with more flexibility.
Coinkite CEO, Rodolfo Novak, told the media:
"With this new feature, we wanted to be able to offer something to the crypto-currency advocates that are nervous whenever a service holds their precious private keys. Now you can decide if any or all of the private keys for a shared account will be kept secret from Coinkite. We are using BIP32 extended public keys, and every payment address for the account will be unique."
Coinkite's Co-Signing Pages are a new place for multiple parties in the approval chain to be able to approve and sign off on the transaction. A typical multi-signature required transaction can be created on the proposed transaction page. From there, the cosingers can log in from where ever they are to approve and sign or to not approve and deny the transaction. All required co-singers have the same simple and easy to use panel to go over and sign off on the transaction, and they all must approve it for it to go forward.
Why Is Coinkite Multi-Sig Needed?
The extra layer of security is a welcome addition with so many hacks and data breaches taking place in the digital world. Businesses that want to take the plunge into Bitcoin and Cryptocurrencies are frequently worried about the ability to keep their coins secure and still easy to use. Intuit adding BitPay to Quickbooks adds the accounting layer, and now Coinkite adds the security layer. Coinkite is one of the top enterprise level platforms that can help secure Bitcoins for all sizes of businesses. Coinkite's multiple layers of security that include their proprietary HSM, Multi-signature accounts that are unable to be moved by the company alone provide a high level of security against breaches.
Coinkite has an excellent walk through tutorial on how it all works that show off the ease of use and security they provide.
Check it out and let us know what you think about Coinkite's advances in security and functionality.
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