BitGo raises $12 million in funding

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BitGo has announced that they have raised $12 million in Series A funding, which makes the company one of the most well-funded companies in the Bitcoin ecosystem. This round of funding was led by venture capital firm Redpoint Ventures with participation from Radar Partners, Founders Funds, Bitcoin Opportunity Corp., Liberty City Ventures, Crypto Currency Partners, A-Grade Investments.

“People ultimately want to feel like their wealth is safe.  Bitcoins themselves are incredibly secure, however the means by which bitcoins are exchanged and stored can be vulnerable.  That is why BitGo is such an amazing platform,” stated A-Grade Investments co-founder and actor Ashton Kutcher.

Based in Silicon Valley, BitGo said that it can protect users’ Bitcoin wallet through a proprietary multisignature system. BitGo wants to appeal to Bitcoin traders, hedge funds, and large corporation.

“If users can’t trust that their holdings are secure, or that they can’t transact securely, then Bitcoin will never take off,” added Will O’Brien, BitGo’s chief executive. “Our focus is on making Bitcoin secure for commercial transactions.”

[Source: NYT]

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