Virtual currency web wallet provider Coinkite has announced today the release of its multi-signature API and Co-sign Pages, making it a Bitcoin platform that supports up to 15 signatures.
The company’s Multisig announcement is aimed at Bitcoin developers and businesses wishing to store larger amounts of Bitcoin in a more secure environment, with conditional withdrawals and multiple approvals.
Up until now Bitcoin users everywhere were limited to transactions signed by 2-of-3 or 3-of-5 users. With this innovation, it is now possible to create an M-of-15 wallet, meaning that bitcoins can now be held in trust between as many as 15 people.
Coinkite CEO, Rodolfo Novak, explains:
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.
For the platform, Coinkite has created ‘Co-Signing Pages’ which are a meeting place to sign and approve a proposed transaction affecting a shared (multisig) account. This means accounts where multiple signatures are required to release funds, will require the user to create a new ‘proposed transaction’ and each proposed transaction has a dedicated co-signing page. For the transaction to move forward, all the signers need to come to that page, review the details of the transaction, and authorize it.
Coinkite is an enterprise-grade Bitcoin platform offering web-wallet and point-of-sale terminal with advanced Bitcoin key management, all supported by their Hardware Security Module (HSM). Deposits on Coinkite is secured by their proprietary HSM, and funds stored in Multisig accounts cannot be moved by the company itself, providing the ultimate in protection to users concerned about potential security issues like database hacks or failure of the company.
Founded in 2012, Toronto-based Coinkite has raised over a $120,000 in seed money.