By
Mayowa Adebajo
November 1st, 2023
BitGo has announced new service Verified by BitGo providing real-time check-up of bitcoin company solvency.
BitGo stepped forward offering bitcoin companies a possibility to quickly prove paying capacity. New service is called Verified by BitGo and it represents real-time check-up of bitcoin assets. Thus BitGo places potential customers at an advantage as now they can examine the solvency of bitcoin companies they are going to deal with. Hopefully this will increase the trust in bitcoin society.
Mike Belshe, CEO of BitGo, underlined the customer-oriented nature of the service despite the fact that it will be used by bitcoin companies first of all: “It’s a way we can help our customers to show their end users that they’re operating in a good state, and make sure everyone can trust everybody. It’s kind of like an online audit that everyone has access to in a safe way all the time. The demand for the product comes from Bitcoin businesses, not consumers.”
The service is available for all companies using BitGo’s security platform enabling them to prove financial state at a request.
The idea for invention didn’t come from scratch. Bitcoin society has already faced some companies working with non-existent funds. Poor management actually cost Mt. Gox, Japanese exchange, $450 million which is equal to 850,000 bitcoin.
The company turned out to have been operating in an insolvent state for a long time. BitGo believes that if Verified by BitGo had appeared earlier, it would have been possible to stop that situation at the very beginning. New BitGo’s service is operating much faster comparing to regular audit thus enhancing chances to identify unreliable company at once.
ChangeTip launched not so long ago is the first company to use Verified by BitGo. ChangeTip has quite a self-explanatory name – it’s a service for sending tips to friends, artists, performers or whomever you want to praise. Innovative platform can be seen as one more great step forward in digital currencies popularization. Applying Verified by BitGo it increases the trust of its users.
ChangeTip CEO Nick Sullivan talks about new service: “Building trust is critical to expanding our user base within the bitcoin community and beyond, and using BitGo to demonstrate our Proof of Reserves goes a long way to achieving it. We believe 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.”
BitGo has created not only a platform but a tool to build up trust in bitcoin – it is something bitcoin society strongly needs.