BitQuick is upgrading its wallet security, partnering with BitGo to implement multisignature technology for its bitcoin trading service.
Like its related altcoin buying service, AltQuick, BitQuick isn’t a full-scale order book-driven marketplace. Buyers submit orders and lock in a price, after which they pay the indicated amount at a branch of the company’s bank. They then receive their bitcoins within a few hours. Sellers deposit their bitcoins with the service and receive cash deposits or SEPA transfers.
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Their employment of multisig technology, one of the industry’s growing trends, was likely in response to the most recent hacking at Bitstamp. Staying offline for several days, Bitstamp reengineered its backend and employed a multisig wallet, also provided by BitGo.
BitQuick will be using BitGo’s technology for its Pay to script hash (P2SH) addresses, which allow bitcoin transactions to be sent more securely to a script hash. In addition, they plan on storing a backup key in a secure offline location in case there’s a BitGo service failure.