Bitcoin wallet security firm BitGo just released a mobile phone application that generates backup keys for customers using BIP32 wallet.
The app, called KeyTool, is available for iOS phone users on iTunes.
BitGo Director of Marketing Regina Scolaro explained:
Currently, when setting up a BitGo wallet, our users have the option to generate their backup key in their browser or provide their own public key. We always recommend users with significant bitcoin holdings to provide their own backup key, generated on a separate machine, for security. But that’s too often an annoying and confusing process. We realized that there’s another device that almost all users have easy access to: their phone. With the new BitGo KeyTool app, users can get the best in security for their multi-sig wallet with an easy-to-use experience.
Backup keys generated with the KeyTool app are securely generated and stored only in-memory on the iOS device. The user is prompted to store the key by writing down a twelve-word backup phrase. Once the key has been created, it is paired with a BitGo wallet by scanning a pairing QR code in the BitGo web app. The app synchronizes only the public key with the BitGo servers. After the user exits the app, the key is permanently wiped from the device.
If BitGo wallet users lose their keys, the backup phrase saved during key creation will permits recovery of the key using the KeyTool app, or any other tool which supports BIP39 phrases.
We are relentless in our efforts to secure the world’s Bitcoin while offering an easy-to-use solution to our customers. KeyTool is fully open-source for easy security review by the community.
The KeyTool source code is available on GitHub.