BitFury capital, the investment arm of BitFury, has reportedly made an investment in bitcoin security and wallet provider BitGo. The amount invested, however, has been kept under tight wraps and both companies declined to elaborate when contacted by Coindesk.
As part of the deal, BitFury has selected BitGo for its treasury management needs. BitFury reportedly runs one of the largest Bitcoin mining operations in the world and as such, sought an enterprise-grade solution offered by BitGo. BitGo’s multisignature technology and other enterprise features make its wallet solution far more difficult to hack and ideal for large institutions. This offers peace of mind to a company dealing with millions of dollars in bitcoins and looking to bring more consumers into the fold. BitFury CEO Valery Vavilov said:
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“As the largest cryptocurrency transaction processing company, BitFury Group looks forward to bringing more consumers to the Bitcoin network.”
With Georgia Co-Investment Fund contributing half of BitFury’s $20 million in funding earlier this year, they effectively become investors in BitGo and its technology as well.