BitGo Launches API – Will Bitcoin Security Rise?

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By Jacob Maslow

Representation of the Virtual Currency
Representation of the Virtual Currency

Bitcoin application developers will now be able to integrate enterprise-level security into their application. BitGo, based in Palo Alto, announced that the company will be opening up its platform API to the public.

Security concerns over bitcoin have prevented many startups from reaching their potential. Merchants and service providers have all struggled to integrate bitcoin into their core products over security concerns.

BitGo’s API will allow companies to retain control over their applications and bitcoins while integrating the industry’s strongest security features.

The API will provide tools for developers that have been tested and utilized on a wide scale. The company’s secure multisig HD wallet can now be easily added into applications with all of its security features intact. Application developers can now add features faster and more securely than ever before.

Security concerns have been a major issue among application developers. Mt. Gox is a prime example of a company that had a security breakdown cause the exchange to go under. Through the loss of 850 thousand bitcoins, the company lost over $1 billion dollars’ worth of funds at the time.

Companies are already starting to utilize the company’s API. Bitstamp was the first company to start using the API. Lamassu, which runs a Bitcoin ATM, TradeBlock and LibraTax, have all started using BitGo’s platform to further secure their bitcoin transactions.

Developer’s fears of an untested API were also eased as the company stated that the API is used to run their flagship product, Enterprise web wallet.

BitGo is a led by an impressive team. The company launched in August of 2013 with Will O’Brien as CEO. O’Brien is a former executive for Big Fish Games. The company’s CTO, Mike Belshe, was a founding member of Chrome, Google’s web browser. The CPO, Ben Davenport started Beluga and sold it to Facebook. Beluga would grow into Facebook Messenger.

A strong team with advanced programming experience bolsters the company’s reputation and security measures.

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