Facebook’s Ben Davenport Joins Bitcoin Startup BitGo.

1

Facebook’s Ben Davenport Joins Bitcoin Startup BitGo.

A leading Bitcoin security platform, BitGo, has recently announced that it has managed to hire Ben Davenport as a co-founder and chief product officer. Davenport has extensive experience with Facebook and Google in developing world-class products used by million of people, and will leverage his product vision to help BitGo meet the rising demands for commercial-grade Bitcoin storage and transaction solutions.

Davenport.

Davenport was co-founder of mobile messaging platform Beluga, which was later on acquired by Facebook during 2011 to be the cornerstone for Facebook Messenger. Davenport has continued to lead important product initiatives at Facebook until his depart ture during this month to join BitGo.

Davenport himself, is a Bitcoin angel investor and active within the Bitcoin development ecosystem, giving him key insights into the importance of security, and specifically multi-signature technologies to secure Bitcoin.

“As I became increasingly involved in the Bitcoin community over the past three years, I realized that the industry must adopt multi-sig in order to provide the security and ease-of-use necessary for Bitcoin to reach mainstream adoption,” said Davenport. “BitGo has the technology and vision to deliver enterprise-grade Bitcoin security solutions on a global scale, and I’m thrilled to be part of the team.”

In this new position, Davenport shall oversee customer-oriented product strategy and development for BitGo. BitGo’s chief technology officer and co-founder, Mike Belshe, shall continue to lead development and innovation in the core multi-sig technologies that BitGo has pioneered.

“Ben’s experience, values, and strategic vision make him an exceptional addition to the BitGo founding team.” said Will O’Brien, BitGo chief executive officer and co-founder. “Ben holds the respect of his peers in the Bitcoin community, and will surely help BitGo become a trusted brand at a time when demand for institutional Bitcoin transactions is beginning to gain critical momentum.”

BitGo.

BitGo operates a security-as-a-service platform for Bitcoin. The company has launched the industry’s very first multi-sig Bitcoin wallet in 2013, and has created a range of innovation security products that leverage and strengthens emerging industry standards. During 2004, the company had launched BitGo Enterprises, the first multi-user secure Bitcoin wallet designed for corporations and financial institutions, and BitGo Cold Key, a multi-sig solution for cold storage.

BitGo’s multi-sig security platform harnesses two powerful Bitcoin security standards: BIP16 (P2SH) and BIP32 (hierarchical deterministic wallets). BitGo uses a “2-of-3 key” configuration whereby three keys are issued for a single Bitcoin address and any two are required to sign a transaction. BitGo’s unique approach to key generation, key management, and corporate treasury policies ensures that funds are protected from theft and loss while remaining easily accessible for day-to-day commercial use.

Read Next:Magnetic Acquisitions Retargetting Startup Cognitive Match.

Share.

About Author

Kevin is passionate about startups and loves to write about them. Previously Kevin ran a design studio. Now he loves to write about tech and startups.

Entrepreneur Sky @Copyright 2014