BitFury, the world’s largest Bitcoin infrastructure and transaction processing company, announced on Friday that it will install a dedicated e-currency enterprise treasury management solution (ETM) and invest in developing security platforms for the industry.
The company’s decision both to sign up as a Platinum Enterprise customer with e-currency financial services specialists BitGo and to invest in its nascent multi-signature technology signals just how embedded digital currency economies, and their spin-off industries, have now become.
BitGo specialises in key generation, key management and corporate treasury policies which, it says, help to protect funds from theft or loss without making access overly irksome for users. Its security platform is built around two Bitcoin security standards: BIP16 (P2SH) and BIP32 (HD wallets), and works by issuing three “keys” for every Bitcoin address, with two of the three needed to authenticate any transaction.
“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 Valery Vavilov, CEO of BitFury. “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,” added 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.”
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On-Demand Treasury Management Solutions continue to gain increased adoption in the US and EMEA regions.
Deutsche Bank plans to partner with fintechs that have complementary business models, rather than buying out tech start-ups and competing in the market, bank executives said at press briefing this week. They also discussed future strategies for the technology, securities and payments spaces.