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New Suite of Services Enables Safe, Easy Commercial Bitcoin Transactions
BitGo, a leader in Bitcoin multi-signature security, today announced BitGo Enterprise™, a new suite of services for businesses and financial institutions operating in digital currency. With features such as spending and velocity limits, user management, and 24×7 monitoring, BitGo’s new offering allows businesses of any size and technical ability to take advantage Bitcoin-based opportunities.
“Until now, many enterprises faced challenges using Bitcoin due to the risks associated with securing and accessing Bitcoin assets. BitGo Enterprise was designed from the ground up to give organizations the power to securely store and effectively manage Bitcoin holdings,” said BitGo CEO and co-founder Will O’Brien, who is presenting today on the topic of multi-sig security at Inside Bitcoins in New York City. “Corporate treasury, key management, and reporting are important considerations for companies using digital currency. As an affordable, scalable and completely secure solution that addresses each of these needs, BitGo Enterprise allows any business to safely and easily embrace the substantial advantages of Bitcoin.”
California-based BitGo launched the industry’s first multi-sig Bitcoin wallet in 2013, and continues to create innovative security services on top of emerging industry standards. The company was founded by veterans in online security, digital currency, and financial technology, and is backed by Silicon Valley investors including Bridgescale Partners, Bill Lee (Remarq, Tesla, Yammer), and Eric Hahn (Netscape, Red Hat, Proofpoint).
BITGO MULTI-SIG WALLET AND BITGO ENTERPRISE™ OVERVIEW
BitGo’s multi-sig wallet leverages two emerging standards in Bitcoin: BIP16 (P2SH) and BIP32 (hierarchical deterministic wallets). BitGo uses a “2-of-3 key” configuration in which three keys are issued and any two are required to sign a transaction. This key management protocol ensures that an organization’s funds are protected from theft and loss while remaining easily accessible for normal business use. When a transaction is initiated, BitGo authenticates a user’s identity, adheres to corporate treasury policies and spending limits set by the organization, and validates the transaction against a robust set of network fraud patterns.
“Many features of our enterprise suite such as the corporate treasury tools are totally unique on the market,” said BitGo CTO and co-founder Mike Belshe. “The ability for organizations to assign spending limits and velocity limits, enact delays on large transactions and whitelist recipient addresses – all under the umbrella of BitGo’s multi-signature security – allows businesses to fully realize the benefits of using Bitcoin as a medium of exchange.”
In addition to BitGo Enterprise, the company is also announcing the introduction of an innovative new approach to cold storage, called BitGo Cold Key™, in which one or more keys in BitGo’s multi-sig wallet are generated and stored offline.
SETTING A GOLD STANDARD FOR BITCOIN SECURITY
BitGo is recognized by Bitcoin industry leaders for its bank-grade security and flexible enterprise feature set.
Tony Gallippi, CEO of BitPay, a leading Bitcoin payment processor with over 27,000 registered merchants, said, “BitGo has created best-in-class security solutions for the enterprise and is pioneering the commercial adoption of multi-sig. I’d like to see all of BitPay’s merchants protected by multi-sig wallets by the end of 2014.” BitPay plans to promote BitGo’s business wallet to its merchants starting this month.
BitGo enterprise customer Sator Square Partners, a digital currency alternative investment manager created by former Tradehill and Wall Street executives Robert Adler and Jonathan Silverman, has agreed to use BitGo for security and unique back-office solutions.
“We believe that BitGo understands the needs of the growing Bitcoin ecosystem and is developing state-of-the-art security solutions for institutional clients,” said Robert Adler of Sator Square. “BitGo’s highly experienced management team, adaptable core technology and willingness to adapt its solutions for unique client needs make them an ideal partner for digital currency asset managers such as Sator Square.”
In addition, BitGo has support of some of the top companies pioneering Bitcoin adoption for the mainstream.
Vinny Lingham, CEO of Gyft, a leading digital gift card platform that accepts Bitcoin, explained, “BitGo has built bank-grade solutions that enable Gyft to securely store and spend Bitcoin, giving me and my board peace of mind with our Bitcoin holdings.”
BitGo Enterprise is now available for business customers to sign up at https://www.bitgo.com/enterprise.
“I believe there are multiple billion dollar companies that are going to be built in Bitcoin” — Jeremy Allaire, Circle CEO
The Inside Bitcoins conference and expo in New York City kicked off this morning. Mediabistro Chairman Alan Meckler opened the show with remarks about the growth in professional interest for Bitcoin. Over 2,000 attendees are at the show from 30 countries. There are also 42 exhibitors. Compare this scale to last year’s NYC conference with 150 attendees and 3 exhibitors.
Mr. Meckler compared this point in time for Bitcoin to the early days of the commercial Internet. Meckler started the first trade show for the Internet which grew to 75,000 attendees within 3 years. “Bitcoin has a lot of the trappings of those early days of the Internet,” said Meckler.
Jeremy Allaire, Circle CEO, took the stage to deliver the conference keynote.
Mr. Allaire also put Bitcoin in the context of the commercial Internet, comparing Bitcoin’s life stage today to the state of the Internet in 1994. There has been a surge of entrepreneurial activity, with about 2,000 companies formed in the Bitcoin ecosystem, but there is yet to be a “killer app”, like the Netscape browser was for the Internet.
There is very limited consumer engagement, said Allaire, suggesting that 90% of Bitcoin users are buying and holding as an investment.
“The total volume [of Bitcoin transactions] is equivalent to 1 small cap stock,” said Allaire. “But that shouldn’t be a concern for us.” Allaire said that we should expect mainstream adoption to take 10 years, as it did with the Internet and with smartphones.
Allaire’s company Circle has raised two rounds of funding for a total of $26 million. The company has yet to launch a commercial product or service.
Mr. Allaire touched on a few key themes during his keynote.
Technology – Allaire emphasized the importance of developing core Bitcoin infrastructure. The Bitcoin network can currently handle about 9 transactions per second, said Allaire. “In the vision we have for this platform to carry a large percentage of payments and commerce, that’s not going to scale.”
Identity and security – Allaire said he believes that Bitcoin cannot be fully anonymous from law enforcement. Financial privacy can be preserved in the protocol while enabling an audit trail for chasing criminal behavior. In the development of the Internet, the industry moved toward standards and companies, such as Verisign and RSA, formed to provide identity and security infrastructure for the Web. Without those developments, no one would ever feel comfortable entering their credit cards online.
Government collaboration – The technology needs to remain open, said Allaire, like core Internet protocols from HTTP to SMTP. But the industry needs to embrace and collaborate with governments around the world. Without this partnership, mainstream consumer adoption simply won’t happen, said Allaire.
“We’re still on a 1.0 platform,” explained Allaire, “but that shouldn’t discourage us.” Allaire said he personally believes that there will be several billion-dollar companies created to service the Bitcoin industry. And that’s an exciting future.
BitPay, a leading Bitcoin payment processor, has officially opened its European Headquarters in Amsterdam. This office will handle sales, implementation and merchant support for BitPay’s 7,000 merchants in Europe, with the goal of acquiring and serving 30,000 merchants in Europe by the end of 2014.
Moe Levin has joined BitPay as the company’s European Director of Business Development. Moe speaks five languages and has several years of Bitcoin experience, most recently as a conference organizer in Amsterdam and Miami.
“Being Bitcoin ready is about more than accepting bitcoin, it’s about being ready for the future,” says Levin.
Pieter Poorthuis joins BitPay as a Senior Sales Engineer and is responsible for sales and customer implementations in the Eurozone. Pieter previously managed implementations for ING’s mobile payments products.
Marcel Roelants has also joined BitPay’s Board of Advisors. Marcel is a former General Manager of MasterCard in the Netherlands, and was previously Managing Director of General Electric in Belgium where he managed 170 people.
“As the world of payments is changing rapidly, BitPay is at the forefront offering technology and support to merchants,” says Roelants. “Establishing its headquarters in Amsterdam is a great way to be closer to its European customers.”
The addition of two employees in Amsterdam brings BitPay’s worldwide headcount to 33. BitPay is sponsoring the Dutch Bitcoin Meetup today, is exhibiting at the NextWeb conference on April 24th and 25th, and is a sponsor of the Bitcoin Foundation’s Bitcoin2014 conference in Amsterdam.
In addition to growing globally, BitPay has updated its look. BitPay is pleased to unveil a new brand identity, symbolized by the introduction of a new logo and website that signifies our growth and celebrates our culture of innovation.
“The launch of our new brand and logo aligns with our open-source culture,” said BitPay’s Co-Founder and CEO, Tony Gallippi. “It’s also an exciting time in bitcoin space and with the opening of our new office in Amsterdam, we are looking to hire the world’s best developers to build the world’s best payment system.”
Digital currency service provider NoveltyLab has been selected as one of the winners that will join the inaugural Plug and Play Bitcoin accelerator program. Plug and Play Tech Center, a leading startup investor, launched a program to assist up-and-coming Bitcoin startups. Bitcoin is a new and disruptive technology that will revolutionize payments and how we exchange value.
Plug and Play Tech Center is a leading startup investor and accelerator based in Silicon Valley. It has helped the startup community raise over $1.6B in venture funding, and has invested in 200 plus companies including such well known companies as PayPal, Dropbox, Lending Club and Zoosk. Over 75 companies from 25 countries have applied for the inaugural Bitcoin accelerator program. Four selected companies, including NoveltyLab, will each receive $25K investment and given access to a group of carefully selected mentors. Among other mentors, the four startups will have access to such well known Bitcoin enthusiast and expert as Andreas Antonopoulos and advice from well-known legal firm specializing in digital currencies.
NoveltyLab was founded by two university friends and software engineering experts Andrey Zamovskiy and Nickolay Babenko. In 2012, they released their first product offering merchant services for Bitcoin payments. A year later the company launched a fixed rate digital currencies exchange that enabled clients to purchase bitcoins with credit cards. Last year, the company was joined by several payment industry professionals, including a seasoned entrepreneur Taras Kuzin. Kuzin was a director at Western Union and First Data and responsible for development of innovative financial services. NoveltyLab’s recently launched next generation HolyTransaction platform is multicurrency digital wallet that offers seamless exchange among top crypto-currencies and is integrated with social networks.
Zamovskiy says: “We are excited about the partnership with such a well-known company in the startup community and both tangible and intangible resources this partnership will brings to our company!” The company is developing several exciting products and services for less financially sophisticated consumers, who wish to instantly buy and sell all major digital currencies. It is in the process of finalizing a deal with a payments company, which will enable NoveltyLab to be operational in all 50 states.
Learn more at http://noveltylab.com/
After thousands gathered at Inside Bitcoins in Berlin, Germany on February 12-13, this innovative Bitcoin event is returning to New York City on April 7-8 at the Javits Convention Center.
Jeremy Allaire, Founder & CEO of Circle, will deliver the opening keynote on April 7 at Inside Bitcoins Conference & Expo in New York City at the Javits Convention Center. Allaire is joined by Nicolas Cary, CEO of Blockchain.info, who will deliver the afternoon keynote on April 7, and Barry Silbert, Founder & CEO of SecondMarket and creator of the Bitcoin Investment Trust, who will speak on the panel “Wall Street’s View of Fair Value for Bitcoin” the morning of April 8.
Inside Bitcoins is excited to announce the NEW addition of the Bitcoin Basics Booth, open to every conference attendee, the experts at the booth will help answer all questions about the virtual currency, from getting set up with your first wallet, to making payments, and more.
A second track of conference sessions have been added to the event and include: A Startup Perspective: Building a Trading Platform from Scratch by Luke Jones, Co-Founder of Coinarch, Bitcoin Merchant On-Ramp by Steve Beauregard, Founder & CEO of GoCoin.com, Bitcoin in the Cloud by Benjamin Gorlick, COO of CloudHashing, Bitcoin Comes To Main Street by Tyler Roye, Co-Founder & CEO of eGifter, Beyond Bitcoin: BitShares Delves Into Digital Shares by Daniel Larimer, Founder & CEO of BitShares.org, and Data Center Planning Calculator for Megawatt Mining by Eric P. Doricko a Data Center Crypto-Consultant.
We’re excited to have partnered with Inside Bitcoins to offer 10% OFF full conference passes with code ONBC. Also, when you register now, you’ll save an extra $300 on on-site pricing.
Mediabistro will soon announce firm dates for additional events taking place in 2014 in Hong Kong, China; London, England; and Las Vegas, Nevada.