BitGo raises USD12M in series A financing

bitcoin

BitGo has announced it has raised USD12 million in Series A financing led by Silicon Valley venture capital firm Redpoint Ventures.

This financing makes BitGo one of the most well-funded companies in the Bitcoin ecosystem and positions the company for significant growth.

BitGo operates a Bitcoin security-as-a-service platform based on its patent-pending multi-signature technology. The company currently offers a secure online Bitcoin wallet for individuals, and BitGo Enterprise, the first multi-sig, multi-user solution for corporations and financial institutions to manage their Bitcoin holdings with enterprise-grade security.

“Bitcoin has opened a new frontier much like the advent of the commercial Internet in 1994,” said Stratton Sclavos, Partner at Radar Partners and former CEO of Verisign. “This new industry simultaneously promises endless possibilities while facing meaningful security threats. We believe that Bitcoin’s inherent advantages over existing financial services infrastructure, combined with BitGo’s best-in-class security platform, will accelerate the adoption of digital money as fundamentally as the Internet changed global communication and publishing.”

“We are still in the early innings of the Bitcoin revolution,” said Will O’Brien, chief executive officer and co-founder of BitGo. “BitGo’s mission is to secure the world’s Bitcoin. 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.”

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