Bitcoin security platform BitGo has been selected by BitFury Group, the largest Bitcoin infrastructure provider and bitcoin transaction processing company, to provide its enterprise treasury management (ETM) solutions for the digital currency.
“As our business has been scaling rapidly, we were looking for efficient and secure bitcoin corporate treasury solutions that would satisfy our operational needs and meet our corporate governance and reporting standards,” said BitFury chief executive (CEO), Valery Vavilov. “We look forward to implementing this class of tools across our operations as we continue to scale up our business.”
“BitFury Group’s diversified operations offer unique management challenges, requiring the right operational tools and accounting transparency,” said Will O’Brien, BitGo CEO and co-founder. “This partnership with BitFury Group has the potential to grow and establish new standards for the industry.
In addition to becoming BitGo’s latest Platinum Enterprise customer, BitFury’s investment arm, BitFury Capital, made a strategic investment in BitGo, further demonstrating confidence in BitGo’s multi-signature technology.
Built around two Bitcoin security standards: BIP16 (P2SH) and BIP32 (HD wallets), BitGo’s multi-signature security platform uses a ‘2-of-3 key’ configuration in which three keys are issued for a single Bitcoin address and any two are required to sign a transaction. The company says that its security policies and procedures for key generation, key management, and corporate treasury policies ensures that funds are protected from theft and loss while remaining easily accessible for day-to-day commercial use.
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