BitQuick Implements P2SH Multisig Escrow Addresses Through BitGo

Published at: Jan. 14, 2015

Bitcoin OTC trading platform BitQuick, announces the integration of pay-to-script-hash (P2SH) multisignature addresses through BitGo to increase security of customer funds.

The integration of P2SH multisignature escrow addresses, is the latest move from BitQuick to provide greater security and privacy, the company stated in an announcement.

In February 2014, BitQuick claimed it became the first marketplace to provide real-time public proof of reserves to its customers. "These changes will provide greater privacy for sellers, while still making the funds listed for sale publicly auditable," said the company.

The company added a listing of the real-time balance of all BitQuick P2SH addresses so that anyone could verify without being able to connect transactions to users, BitQuick stated. 

Based in Palo Alta, BitGo is a leading Bitcoin security platform, widely known to have launched the first ever multisignature Bitcoin wallet in 2013. BitGo provides its clients with three keys: the user key pair and the backup key pair, which are held by the client, and the last key is held by BitGo.

BitQuick stores its backup key pair in a secure offline location, the company stated. In the case of a service failure from BitGo, BitQuick will have the ability to recover the funds using the backup key.

Following the recent integration of BitGo's platform, users are now asked to pass through different levels of fraud detection in order to perform a transaction from a secure address.

Launched in August 2013, BitQuick is an American Bitcoin OTC trading platform, focusing on providing "faster, easier, and more secure trading." Since its launch, the startup has been rapidly expanding, covering multiple parts of the world, including India, Taiwan, and most recently the Middle East.

Digital currency security platform BitGo, was founded by veterans in online security, digital currency and financial technology. The startup counts leading Silicon Valley VC firms among its investors and advisors, including Founders Fund, Redpoint Ventures and Liberty City Ventures. BitGo's clients include popular social media tipping platform ChangeTip, US-based hedge fund Binary Financial, and most recently added digital-currency exchange Bitstamp to the list.

Bitstamp partnered with BitGo to integrate multisignature security and relaunch its exchange following the hack it suffered earlier this month that resulted in the loss of 18,000+ bitcoins. Bitstamp re-opened on January 9, and is currently offering commission-free trades until January 17. 

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