BitGo Raises Funding, Promises to Improve Bitcoin Security

Jun 17, 2014
BitGo

BitGo

Bitcoin security platform BitGo has raised $12 million to improve its Bitcoin security services, but this funding also poses benefits Bitcoin casino enthusiasts will appreciate.

According to the announcement, BitGo’s large sum of funding, which resulted from a Series A financing round spearheaded by Silicon Valley’s Redpoint Ventures, will help the California-based startup to position itself better in the industry and to bring security to another level.

“By solving Bitcoin’s early security concerns for our customers and industry partners, BitGo is excited to help the Bitcoin industry grow with what we believe will be a speed and scale comparable to the Internet itself,” said BitGo CEO and Co-founder Will O’Brien.

This company became the talk of the town when it launched its multi-sig Bitcoin wallet, allowing users to transact the digital currency without having to worry about instances of theft. This service alone is already an innovation that has been welcomed by many Bitcoin users around the world. With the whopping funding, however, better security services can be expected.

Bitcoin casino players, as compared to frequent buyers using bitcoins, tend to make more transactions within a day by simply wagering the digital currency to place more bets on casino games and sports. Engaging in this activity, therefore, involves more transaction volumes, especially because players must buy bitcoins in order to play and sell them to acquire real currencies should they want to.

Through BitGo’s multi-sig Bitcoin wallet, players will be relieved of any possibilities that their precious bitcoins dedicated to online gambling will be stolen, regardless if they are playing in a mobile Bitcoin casino. Moreover, the support the platform receives from the list of investors promises better security that will further protect the users’ wallets from extortions.

The other investors making this possible are Bridgescale Partners, Radar Partners, Founders Fund, Barry Silbert’s Bitcoin Opportunity Corp., Liberty City Ventures, Crypto Currency Partners, Ashton Kutcher’s A-Grade Investments, and other individual investors.