BitGo Reaches $1B Bitcoin Transactions in First Quarter 2015

Bitcoin security platform BitGo today revealed it has transacted $1 billion in the first quarter of 2015.

According to the provider of multisig and P2SH Bitcoin wallet technology, BitGo’s wallet and API products have not experienced a single security breach or theft of funds since the company’s launch in 2013.

BitGo also claimed that its various consumer, enterprise and API wallet products now control a majority of market share for all P2SH wallet addresses.

BitGo CEO and co-founder Mike Belshe, said:

BitGo was the first to pioneer the secure, multi-signature wallet platform for bitcoin. Security is never a finished feature, so we’re continually raising the bar. As we reach this billion dollar milestone, we’re happy know so many customers are seeing the value of our solution.

Wallets secured using multisig pay to script hash technology, known as P2SH, are rapidly gaining traction and predicted to soon be the most widely used method of securing and storing Bitcoin. P2SH share of overall Bitcoin wallets grew more than 84% over the past 3 months, with particular success among commercial and high volume traders.

Regina Scolaro, BitGo’s Director of Marketing, added:

For the sake of accuracy, our metrics do not count change address outputs. As an example if a user sends someone $3 from a wallet with $10 in it, we only count the $3 transaction and not the transfer of $7 back into the wallet. We have chosen to use this methodology because we believe that in order to get a true sense of activity within the Bitcoin space, this should be the standard measurement.

BitGo’s core API platform product is designed for integration and scale, offering users the ability to create hundreds of thousands of addresses. Its platform is being used by high-volume customers such as Bitfinex and Bitstamp.

In addition to wallets, BitGo offers corporate management tools that allow businesses and individual traders to complete any Bitcoin transaction or function with complete security and control. Its API product permits Bitcoin operations to build out their own custom services on top of BitGo’s security infrastructure, including comprehensive insurance coverage and a variety of proof-of-reserve products suitable for exchange, trading desk, and retail use.

Writes for Asia Tech Media Limited's publications, and Experienced blogger and freelance IT/business writer for Chinese and English magazines and newspapers. Studied journalism at Indiana University Bloomington.
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