Difference between revisions of "Bitgo"

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* Founded in 2013
* Founded in 2013
* [https://decrypt.co/69934/galaxy-digital-set-to-buy-bitgo-for-1-2-billion?utm_source=telegram&utm_medium=social&utm_campaign=smt Owned] by [[Galaxy Digital|Galaxy Digital.]]
* [https://decrypt.co/69934/galaxy-digital-set-to-buy-bitgo-for-1-2-billion?utm_source=telegram&utm_medium=social&utm_campaign=smt Owned] by [[Galaxy Digital|Galaxy Digital.]]
 
*[[Bitcoin (BTC)|Bitcoin]] / [[Blockchain]] Security, Platform [[API]] & [[Hot Wallet]] service
* [[Bitcoin (BTC)|Bitcoin]] / [[Blockchain]] Security, Platform [[API]] & [[Hot Wallet]] service
* Based in Palo Alto, BitGo launched the first ever [[Multisig|multi-signature]] Bitcoin [[wallet]] in 2013
* Based in Palo Alto, BitGo launched the first ever [[Multisig|multi-signature]] Bitcoin [[wallet]] in 2013
* Has a web interface, no mobile or desktop app, is a centralised wallet
* Their custodian service added [[Dash (DASH)|Dash]] on 5-10-2018
* Not very newbie friendly
* Free
* [[Segregated Witness|SegWit]] ready
* [[Segregated Witness|SegWit]] ready
* is releasing an [[ERC20 tokens|ERC20]] [[Stablecoins|stablecoin]] that is pegged to the value of Bitcoin, [[Wrapped Bitcoin (WBTC)]]; the [[Ethereum (ETH)|Ethereum]] based coin will be backed by 1WBTC:1BTC peg; every Bitcoin will be accounted for on a dashboard displaying addresses and balances, and users will be able to verify each Bitcoin held in custody on the blockchain via [[Etherscan]]. UPDATE is live as of 5-2-2019
* Is releasing an [[ERC20 tokens|ERC20]] [[Stablecoins|stablecoin]] that is pegged to the value of Bitcoin, [[Wrapped Bitcoin (WBTC)]]; the [[Ethereum (ETH)|Ethereum]] based coin will be backed by 1WBTC:1BTC peg; every Bitcoin will be accounted for on a dashboard displaying addresses and balances, and users will be able to verify each Bitcoin held in custody on the blockchain via [[Etherscan]]. UPDATE is live as of 5-2-2019
* Has announced it is teaming up with [[Genesis]] to launch a trading platform for their institutional investors; BitGo has a distinct feature over other exchanges as BitGo users will not have to transfer cryptocurrency to exchanges before trading; Genesis has established its on wallet on BitGo, allowing for seamless transfer of cryptocurrency and fiat between the two companies
* Has announced it is teaming up with [[Genesis]] to launch a trading platform for their institutional investors; BitGo has a distinct feature over other exchanges as BitGo users will not have to transfer cryptocurrency to exchanges before trading; Genesis has established its on wallet on BitGo, allowing for seamless transfer of cryptocurrency and fiat between the two companies
* Bitgo added support for cTokens; now, users can earn interest from the [[Compound]] protocol while their balance is stored at one of world’s most trusted custodians.
* Bitgo added support for cTokens; now, users can earn interest from the [[Compound]] protocol while their balance is stored at one of world’s most trusted custodians.
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* From the [https://www.coindesk.com/the-coindesk-50 CoinDesk 50]:
* From the [https://www.coindesk.com/the-coindesk-50 CoinDesk 50]:
''"“BitGo’s vision is a world where digital assets drive the global economy,” CEO Mike Belshe told CoinDesk. The firm provides custody and liquidity solutions for a number of institutional companies. This past year the firm has expanded both globally as well as in mission through its acquisitions of Lumina, Hedge and Harbor, through which the firm has earned the title of crypto’s first “full stack” service provider, enabling it to recreate all parts of the traditional financial system."''
''"“BitGo’s vision is a world where digital assets drive the global economy,” CEO Mike Belshe told CoinDesk. The firm provides custody and liquidity solutions for a number of institutional companies. This past year the firm has expanded both globally as well as in mission through its acquisitions of Lumina, Hedge and Harbor, through which the firm has earned the title of crypto’s first “full stack” service provider, enabling it to recreate all parts of the traditional financial system."''
==Audits & Exploits==
*[[Bug bounty]] program can be found [insert here].
===Bugs/Exploits===
* [https://decrypt.co/123869/fireblocks-discloses-critical-vulnerability-with-bitgo-ethereum-wallets From] [[Decrypt (DCPT)|Decrypt]] (17-3-2023):
''"The cryptography research team at [[Fireblocks]] released the details of a vulnerability in BitGo’s [[Ethereum (ETH)|Ethereum]] [[Wallet|wallets]]. The vulnerability first came to light in early December, just over a month after the service was made public. According to Fireblocks, the vulnerability could have enabled an attacker to extract a full private key using a single signature and a few seconds of computation, bypassing all of BitGo's security features. In a statement provided to Decrypt, BitGo accused Fireblocks of "turning a known gap into a publicity stunt," adding that, "This is not how coordinated disclosures are supposed to work."''


== Team, investors, partnerships etc. ==
== Team, investors, partners ==


==== Team ====
==== Team ====
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* Combined, [[Goldman Sachs]] and [[Mike Novogratz|Novogratz’s]] [[Galaxy Digital Ventures]] [https://www.bloomberg.com/news/articles/2018-10-18/goldman-wades-deeper-in-crypto-betting-on-bitgo-with-novogratz?utm_source=cryptotickerr+main+list&utm_campaign=aa720d37e1-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_d53548996e-aa720d37e1-87461257&ct=t(RSS_EMAIL_CAMPAIGN)&mc_cid=aa720d37e1&mc_eid=b9fac0945e contributed] about $15 million to BitGo’s Series B fundraising, which brought in a total of $57.5 million. Update: got [https://decrypt.co/69934/galaxy-digital-set-to-buy-bitgo-for-1-2-billion?utm_source=telegram&utm_medium=social&utm_campaign=smt bought] by Galaxy (5-5-2021).
* Combined, [[Goldman Sachs]] and [[Mike Novogratz|Novogratz’s]] [[Galaxy Digital Ventures]] [https://www.bloomberg.com/news/articles/2018-10-18/goldman-wades-deeper-in-crypto-betting-on-bitgo-with-novogratz?utm_source=cryptotickerr+main+list&utm_campaign=aa720d37e1-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_d53548996e-aa720d37e1-87461257&ct=t(RSS_EMAIL_CAMPAIGN)&mc_cid=aa720d37e1&mc_eid=b9fac0945e contributed] about $15 million to BitGo’s Series B fundraising, which brought in a total of $57.5 million. Update: got [https://decrypt.co/69934/galaxy-digital-set-to-buy-bitgo-for-1-2-billion?utm_source=telegram&utm_medium=social&utm_campaign=smt bought] by Galaxy (5-5-2021).
* BitGo has gathered a total of about $70 million in fundraising rounds. The company says it provides services for more than 75 coins and tokens, and that it holds more than $2 billion in assets.
* BitGo has gathered a total of about $70 million in fundraising rounds. The company says it provides services for more than 75 coins and tokens, and that it holds more than $2 billion in assets.
*Got [https://news.bitcoin.com/ftx-publishes-creditor-list-owes-millions-to-well-known-institutions-and-government-agencies/ mentioned] as one of the creditors of [[FTX (FTT)|FTX]] (26-1-2023).
*[https://decrypt.co/68883/us-marshals-signs-4-5-million-contract-with-bitgo-to-manage-seized-bitcoin?utm_source=telegram&utm_medium=social&utm_campaign=smt From] [[Decrypt]] (23-4-2021):
*[https://decrypt.co/68883/us-marshals-signs-4-5-million-contract-with-bitgo-to-manage-seized-bitcoin?utm_source=telegram&utm_medium=social&utm_campaign=smt From] [[Decrypt]] (23-4-2021):


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* [https://medium.com/renproject/bringing-interoperability-to-renex-swapperd-and-wbtc-dd32d2674d8f Partners] with [[REN (REN)]] and [[Kyber Network (KNC)|Kyber]] to begin the [[WBTC]] initiative (31-1-2019)
* [https://medium.com/renproject/bringing-interoperability-to-renex-swapperd-and-wbtc-dd32d2674d8f Partners] with [[REN (REN)]] and [[Kyber Network (KNC)|Kyber]] to begin the [[WBTC]] initiative (31-1-2019)
* Partner with [[Civic (CVC)|Civic]]
* Partner with [[Civic (CVC)|Civic]]
 
*Is a sponsor of [[Coin Center]]
* Is a sponsor of [[Coin Center]]
* [https://openzeppelin.com/about/ As of] 7-2019 on the partner & clients list of [[ZeppelinOS]].
* [https://openzeppelin.com/about/ As of] 7-2019 on the partner & clients list of [[ZeppelinOS]].
* Will help [[Civic (CVC)|Civic]] launch their [[wallet]] in the fall of 2019
* Will help [[Civic (CVC)|Civic]] launch their [[wallet]] in the fall of 2019

Latest revision as of 04:41, 19 March 2023

Basics

  • Founded in 2013
  • Owned by Galaxy Digital.
  • Bitcoin / Blockchain Security, Platform API & Hot Wallet service
  • Based in Palo Alto, BitGo launched the first ever multi-signature Bitcoin wallet in 2013
  • SegWit ready
  • Is releasing an ERC20 stablecoin that is pegged to the value of Bitcoin, Wrapped Bitcoin (WBTC); the Ethereum based coin will be backed by 1WBTC:1BTC peg; every Bitcoin will be accounted for on a dashboard displaying addresses and balances, and users will be able to verify each Bitcoin held in custody on the blockchain via Etherscan. UPDATE is live as of 5-2-2019
  • Has announced it is teaming up with Genesis to launch a trading platform for their institutional investors; BitGo has a distinct feature over other exchanges as BitGo users will not have to transfer cryptocurrency to exchanges before trading; Genesis has established its on wallet on BitGo, allowing for seamless transfer of cryptocurrency and fiat between the two companies
  • Bitgo added support for cTokens; now, users can earn interest from the Compound protocol while their balance is stored at one of world’s most trusted custodians.
  • BitGo says it’s now (12-11-2019) processing 20% of Bitcoin transactions.
  • Has acquired (18-2-2020) Harbor; "a security token platform best known for a failed bid to offer tokenized shares of a South Carolina apartment building."
  • Also does lending; according to CoinDesk (5-3-2020):

"BitGo started testing the new service a few months ago to big investors and has already racked up about $150 million in open loans. BitGo is currently lending bitcoin (BTC), ether (ETH), litecoin (LTC) and stablecoins."

"“BitGo’s vision is a world where digital assets drive the global economy,” CEO Mike Belshe told CoinDesk. The firm provides custody and liquidity solutions for a number of institutional companies. This past year the firm has expanded both globally as well as in mission through its acquisitions of Lumina, Hedge and Harbor, through which the firm has earned the title of crypto’s first “full stack” service provider, enabling it to recreate all parts of the traditional financial system."

Audits & Exploits

Bugs/Exploits

"The cryptography research team at Fireblocks released the details of a vulnerability in BitGo’s Ethereum wallets. The vulnerability first came to light in early December, just over a month after the service was made public. According to Fireblocks, the vulnerability could have enabled an attacker to extract a full private key using a single signature and a few seconds of computation, bypassing all of BitGo's security features. In a statement provided to Decrypt, BitGo accused Fireblocks of "turning a known gap into a publicity stunt," adding that, "This is not how coordinated disclosures are supposed to work."

Team, investors, partners

Team

Funding

"BitGo has won a $4.5 million contract with the US Marshals Service to help manage seized Bitcoin."

Partnerships

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