Over the past year, Ethereum has seen a meteoric rise to prominence. As prices and transaction volumes have grown, smart contracts and the EVM (Ethereum Virtual Machine) have begun to show great promise, with possible applications across a vast variety of industries.
Tracking the growth in Ethereum, BitGo first launched its Ethereum wallets to a limited set of clients last July and have since seen more than $2 billion in transactions from a variety of enterprise customers, including exchanges. In addition to favorable market conditions, we attribute the swift adoption to our multi-currency API. Now available to all enterprise clients, we foresee a growing trend in its usage.
Ethereum Meets Stringent Security Requirements
Much like our other wallets, the BitGo Ethereum wallet has undergone rigorous testing to ensure the utmost security. After a number of development cycles, multiple contract audits, and limited production rollouts with customers, we believe we've achieved not only a standard for multi-signature security on Ethereum, but an ease of use and elegant API consistent with the other coins in BitGo's product offering.
BitGo has built its wallet technology on top of smart contracts - the same technology underlying blockchain innovations such as ERC20 tokens. Compared to other multi-signature solutions for Ethereum, the BitGo wallet provides superior security features, such as transaction and whitelist policies, wallet sharing, 2FA, notifications, webhooks, wallet freezing, fee management and other safety and usability protocols. This coupling of hardened security features with API-level programmability make it smoother and safer than ever for the businesses of today to invest in digital currencies.
More Smart Contracts Planned
The smart contract ecosystem is still in its nascent stages. In 2018, we expect many more Ethereum-based products to go live, and many will be built on BitGo Ethereum wallets. Watch for future articles on BitGo's smart contracts and how we are working to keep your cryptocurrency secure.
For more information on Ethereum for enterprise clients, contact us at sales@bitgo.com.
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About BitGo
BitGo is the digital asset infrastructure company, delivering custody, wallets, staking, trading, financing, and settlement services from regulated cold storage. Since our founding in 2013, we have been focused on accelerating the transition of the financial system to a digital asset economy. With a global presence and multiple regulated entities, BitGo serves thousands of institutions, including many of the industry's top brands, exchanges, and platforms, and millions of retail investors worldwide.