Security and transparency have been the two cardinal features of Bitcoin transactions, understanding the requirements; BitGo has announced a new service that leverages the security firm’s status as a consigner on its multisig accounts to allow customers the means to provide greater financial transparency.
In a press release published widely, the company says that it has partnered with Bitcoin firm ChangeTip who will use the new Verified by BitGo service to demonstrate its account holdings. Additionally, the tipping platform will display its Bitcoin solvency on its website, listing assets and liabilities in real-time along with information specific to individual users.
The ‘Verified by BitGo’ proof-of-solvency service provides a real-time view of Bitcoin assets, quickly and easily assuring ChangeTip’s customers and partners of adequate funds. This will be available for all companies and any company using BitGo’s class leading security platform can adopt and use Verified by BitGo to safely and securely provide complete financial transparency.
BitGo CTO and co-founder Ben Davenport said that they are launching the Verified by BitGo service to end the era of unverified funds. The company informs that ChangeTip, the popular service for sending ‘tips’ via social media, email or text message to express appreciation for quality internet content or services, will use Verified by BitGo.
Thus, ChangeTip will now allow customers to easily demonstrate solvency of their accounts, enhancing trust and confidence in the service. Ben Davenport added that BitGo’s mission is to help make the Bitcoin ecosystem more secure, and his company is now excited to be taking the next major step in that direction.
Transparency is a Fundamental Feature of Verified by BitGo
Talking about the partnership, ChangeTip CEO Nick Sullivan said that building trust is critical to expanding the user base within the Bitcoin community and beyond, and using BitGo to demonstrate our Proof of Reserves goes a long way to achieving it.
He added that he believes that the combination of digital currencies and social payments across multiple social platforms will pay off the long-held promises of micropayments; ChangeTip is ideally positioned to deliver on that promise.”
The latest service is enabling safe and secure transactions as before that Bitcoin businesses and operations were not able to provide a public, trustless verification that they were operating in a solvent state. The Verified by BitGo service offers transparency as a service, allows businesses to easily show its assets and cryptographically prove that it is operating in a solvent state.
To contact the reporter of this story: Deepak Tiwari at email@example.com