Bitcoin Foundation Teams Up With BitGo For 'Increased Operational Capacity'

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There have been some changes going on over at the Bitcoin Foundation as of late. Most recently, the not-for-profit organization updated their website with a new look, and they’ve continued on their path to try an remain transparent in the community (something they’ve taken no shortage of criticism now).

But an interesting announcement has been made today with regard to the Bitcoin Foundation and their finances.

BitGo (a company we’ve written about on several occasions) said Tuesday that the Bitcoin Foundation has selected their Enterprise product in order to increase ‘operational capacity’ via multi-signature wallets, risk diversification, and giving the Foundation the opportunity to implement internal treasury controls.

“BitGo is the first in the ecosystem to provide a sophisticated wallet for securely managing spending authority at an institutional level,” said Jodie Brady, who’s the Director of Operations for the Bitcoin Foundation. “BitGo are truly innovators in that they are bringing functionality traditionally provided by conventional banking services to the Bitcoin ecosystem.”

The move makes sense, too.

The Bitcoin Foundation — as anyone in the community would expect — conducts a majority of their business in bitcoin, including payroll.

And they won’t be the last to engage in bitcoin-centric finances.

“The race towards mainstream Bitcoin adoption is happening faster than anyone expected, in no small part due to the Bitcoin Foundation’s efforts,” said Will O’Brien, BitGo CEO and co-founder.

“This rapidly changing environment requires constant investment and innovation in reliable tools and services as well as security technology and policies, which is our core focus at BitGo. We are very pleased and honored to help the foundation, one of the most influential and impactful organizations in our community.”