Bitfinex, one of the largest bitcoin exchanges in the world, has worked with BitGo, a bitcoin security and technology company, to create an infrastructure that allows near real-time verification of balances that at the same time improves security.
The system is similar to the infrastructure used to verify proof of ownership on gold exchanges. The Bitfinex will be able to verify bitcoin customers’ balances in near real-time verification, whilst the funds and private transactions will be protected by a multi-signature and institutional two-step authentication.
“The industry has been clamoring for exchanges to adopt the multi-sig model, and we’re proud that Bitfinex selected BitGo’s platform to do it. This new level of transparency and security makes breaches such as those of Mt. Gox impossible,” said Mike Belshe, CEO of BitGo.
The introduction of the new system marks a radical departure from its previous security measures, which were the physical equivalent of having one key to unlock all the contents of the bank. Now, users will have their own unique key as well as having all the funds individually segregated on the public blockchain.
The segregation is expected to remove as much shared pool security risk as possible.
“The trading community has long sought individually verifiable accounts without sacrificing security or performance. With the help of BitGo’s multi-signature technology, the Bitfinex team is very excited to be the first exchange in the world to automate Bitcoin settlements using ‘On-Blockchain’ customer segregated wallets,” said Zane Tackett, director of Community & Product Development at Bitfinex
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