Kraken Adopts BitGo's Multisig Solution
- Kraken has until now employed a custom off-chain system involving multiple parties, which was conceptually similar to BitGo's solution.
Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Kraken is the latest to employ BitGo's multisignature bitcoin wallet solution.
Kraken is the world's largest venue for exchanging bitcoin and euros. It has until now employed a custom off-chain system involving multiple parties, which was conceptually similar to BitGo's multisig solution.
Multisignature wallets require more than one signature to sign transactions, thereby minimizing the chances of hacking-related theft.
Kraken CEO Jesse Powell had warm words for BitGo, commenting, "While we’ve always prioritized security, this partnership allows us to free up valuable resources internally, and provide greater transparency and comfort to our clients. Anyone who needs to have custody of or escrow bitcoin would benefit greatly from BitGo’s highly capable team of industry veterans. I’m looking forward to what we do together next."
BitGo's multisig solutions have now been adopted by several of the larger bitcoin exchanges, including Bitstamp and Bitfinex, as well as numerous other notable bitcoin businesses. The aforementioned exchanges are among the few to have reported security-related incidents in 2015, and both made the switch to BitGo not long after.
Last month, BitGo reported that it transacted $1 billion worth of bitcoin in a single quarter. Since launch in 2013, the startup says, not a single bitcoin was stolen from its wallets.
Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Kraken is the latest to employ BitGo's multisignature bitcoin wallet solution.
Kraken is the world's largest venue for exchanging bitcoin and euros. It has until now employed a custom off-chain system involving multiple parties, which was conceptually similar to BitGo's multisig solution.
Multisignature wallets require more than one signature to sign transactions, thereby minimizing the chances of hacking-related theft.
Kraken CEO Jesse Powell had warm words for BitGo, commenting, "While we’ve always prioritized security, this partnership allows us to free up valuable resources internally, and provide greater transparency and comfort to our clients. Anyone who needs to have custody of or escrow bitcoin would benefit greatly from BitGo’s highly capable team of industry veterans. I’m looking forward to what we do together next."
BitGo's multisig solutions have now been adopted by several of the larger bitcoin exchanges, including Bitstamp and Bitfinex, as well as numerous other notable bitcoin businesses. The aforementioned exchanges are among the few to have reported security-related incidents in 2015, and both made the switch to BitGo not long after.
Last month, BitGo reported that it transacted $1 billion worth of bitcoin in a single quarter. Since launch in 2013, the startup says, not a single bitcoin was stolen from its wallets.