BitPay has brought in Copay for the first time for customers after a year of beta testing. In an announcement, the company says that the first version of BitPay’s multi-signature wallet Copay was released on June 3. It is expected that Copay, a multi-signature wallet built on BitPay’s Bitcore, an open-source platform for Bitcoin- and blockchain-based applications will be popular.
According to the announcement Copay multi-sig wallet is a shared Bitcoin wallet. Here each owner holds a unique private key and the ability to push out payments or withdrawals. Moreover, as a transaction initiated in a Copay multi-sig wallet requires the approval of multiple people, it is efficient for businesses and privacy-conscious users.
Talking about Copay, BitPay Chairman Tony Gallippi said that with it, a small company can, for example, manage their Bitcoin holdings by requiring 3 of 5 officers to sign transactions that spend funds. Similarly, according to him a household can use a 2-of-3 wallet to manage family funds to make sure there is complete security.
Even families can use it as a parent can use a 2-of-3 wallet with their child to moderate the child’s spending habits and ensure they don’t accidentally lose Bitcoins to a virus. The company claims that there are many more possibilities as well that can be explored. Nonetheless, the Copay multi-signature wallet provides a convenient flow for sending funds.
Now, the users can send funds from shared wallets which small or co-owned business could greatly benefit from. Additionally, a small online business on e-commerce platforms such as E-Bay or Amazon could also adopt the Copay wallet. They can use it to combine the budget of the business into one shared wallet.
Safe and Secure Transactions
Additionally, they can then allocate the expenses through approvals from different departments of the company. The firm also says that the Copay multi-signature wallet brings the security of Bitcoin wallet into a whole new level. For instance, even if a Bitcoin wallet service provider or exchange were ever compromised, the private keys would not be.
Thus, the possessed Bitcoin would not be affected at all and the users will have safe and secure transaction. Additionally, as Copay wallet is also the first Bitcoin wallet to support the Bitcoin testnet on both iOS and Windows Phones that allows developers to create/test new Bitcoin applications across different platforms with ease, customers will prefer it a lot.
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