BitGo®, the leader in bitcoin security, today announced the general availability of the BitGo Platform API™, a highly scalable set of tools and services that allow any developer to rapidly deploy state-of-the-art operational infrastructure for their bitcoin business.
BitGo’s own products, including the leading institutional web wallet BitGo Enterprise™, are built on the Platform API. Developers using the BitGo Platform API benefit from years of pioneering security infrastructure work by BitGo, including industry best practices like multi-sig HD wallets, strong authentication, real-time transaction monitoring, and key signing policies. BitGo Platform API customers are able to achieve faster time to market while reducing overall costs.
Total bitcoin venture capital investment topped $400 million, growing bitcoin-related investment by 340% from the beginning of 2013. Large merchants have integrated bitcoin payments, including Microsoft, Dell, DISH Network, Expedia, Intuit, and others. Yet building systems on the Bitcoin protocol remains a complex task. Security challenges remain of paramount concern for all businesses operating in cryptocurrency, and the numerous hacks leading to loss of bitcoin have made it clear that security can no longer be a do-it-yourself exercise. The bitcoin industry is at a crossroads and the pressure for companies to embrace security standards like multi-signature wallets is at an all-time high.
With the launch of the BitGo Platform API, BitGo is providing the key piece of infrastructure that can accelerate the Bitcoin ecosystem and increase the pace of innovation.
“As we continue to see explosive growth in bitcoin-related investments, businesses need to build a rock-solid security foundation that instills end-user confidence,” said BitGo CEO and co-founder Will O’Brien. “The BitGo Platform API can help businesses, both large and small, focus their development resources on core competencies and product differentiation while security is managed by the specialists. Now is the opportunity to create a bitcoin ecosystem free from hacks that plagued the industry over the last few years.”
The BitGo Platform API is launry over the last few years.”
The BitGo Platform API is launching with support from some of the most exciting and innovative companies in the Bitcoin ecosystem.
Bitstamp, a leading Bitcoin exchange based in Slovenia, recently replaced its hot wallet with a BitGo Platform API integration. “BitGo is the only company in the industry we trust to secure our hot wallet,” said Nejc Kodrič, CEO of Bitstamp. “The integration was very straightforward, and now I can sleep better at night knowing that my customers’ holdings are secured with BitGo.”
Other companies planning to launch their offerings on the BitGo Platform API include:
- Coins.ph, the Philippines’ leading bitcoin wallet
- Lamassu, pioneers of the Bitcoin ATM with 40% market share
- LibraTax, accounting software for Bitcoin taxes and bookkeeping
- MaiCoin, a consumer bitcoin wallet focused on the Asian market
- TradeBlock, a digital currency data company offering an institutional order management platform
“The BitGo Platform API will be an important part of our infrastructure,” said Alex Liu, CEO of MaiCoin. “Our systems need to be highly secure, scalable and reliable, and BitGo can operate at those requirements.”
“BitGo offers a robust API layer, making it much easier to integrate our clients' multi-sig wallets," said Greg Schvey, CEO of TradeBlock. “Their entire team was extremely helpful during the setup process."
As with its other products, BitGo holds one key for every wallet created through the BitGo Platform API and acts as a co-signer on all blockchain transactions. BitGo validates every transaction against a robust set of fraud detection, treasury policies, and other business logic before co-signing.