Bitcoin Foundation has selected BitGo to manage its bitcoin accounts.
Bitcoin Foundation conducts most of its business in bitcoins. As such, they need an enterprise-grade solution that provides the highest levels of storage security, as well as incorporating spending limits, user management and treasury policy. BitPay has advocated BitGo’s solution for all its supported merchants.
BitGo’s claim to fame is its multi-signature wallet, which repels attacks with multiple levels of protection, analogous to a safe inside a safe.
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On their selection, Bitcoin Foundation’s Director of Operations Jodie Brady commented:
“BitGo is the first in the ecosystem to provide a sophisticated wallet for securely managing spending authority at an institutional level. BitGo are truly innovators in that they are bringing functionality traditionally provided by conventional banking services to the Bitcoin ecosystem.”
When Andreas Antonopolous resigned from the Bitcoin Foundation, he cited a complete lack of transparency, without elaborating further. Commenters speculated that it had to do with an alleged opaqueness in how money is spent and accounted for. Whether the BitGo solution can help allay such suspicions, or if the solution is irrelevant if governed by the organization’s managers, remains to be seen.