BitGo invested $1 billion in Bitcoin transactions in the first quarter

Author: ManjiMasha Image source: Dazhi

Bitcoin security platform BitGo just released news that it spent more than $1 billion on Bitcoin transactions in the most recent quarter. Web wallet Coinkite and Bitcoin exchange Vaultoro also announced impressive growth metrics for the third quarter.

Bitcoin development encounters bad luck

Despite the many critics and whiners who choose to ignore the progress of the Bitcoin system, the facts are there, as Bitcoin Exchange announced that they had reached more than $1 billion in Bitcoin transactions in a single quarter .

Meanwhile, BitPay has witnessed firsthand the rapid growth of Bitcoin in Latin America over the past year, with venture capital investment in Bitcoin businesses and development more than doubling in the first half of 2015 alone.

BitGo tightly controls the multi-sig market

BitGo also stated that he currently controls the majority of the market share of all P2SH wallet addresses.

Mike Belch, CEO and co-founder of BitGo, said: “BitGo is undoubtedly a pioneer in advocating for Bitcoin security and multi-signature wallet platforms. This billion-plus dollar transaction volume is a milestone and it is gratifying that our customers are deriving value from our solutions.”

There have been many large-scale Bitcoin thefts in the past two years. Bitcoin security has become a major growth area in the Bitcoin industry. In the last quarter alone, the P2SH share of the entire Bitcoin wallet increased by more than 80%. BitBuy's development goal is to make P2SH easier to use in response to market demand.

"We change the output address over and over again to ensure accuracy. For example, if a user sends $13 from a wallet with $17 to someone else, we will only count the $13 transaction," said Regina Scolaro, marketing director of Bitbuy. "We chose this method because we believe it is a measure of what a bitcoin transaction really means."

Coinkite and Vaultoro

When it comes to the great momentum of the Bitcoin market, Bitbuy is definitely not the only one. In the third quarter of 2015, Coinkite's Bitcoin transactions reached $250 million. Currently, Coinkite controls about 10% of the daily Bitcoin transactions in more than 180 countries around the world.

"It's key to follow a good team and figure out what to do. We are handling 5%-10% of all bitcoin transactions," said Coinkite CEO Rudolf Novak on his company's blog. "In the past two years of operation, we have never lost a customer's funds."

Coinkite's Bitcoin platform provides multi-signature wallets, merchant tools, developer APIs, and hardcore privacy solutions. In the past two years, looking around the world, they have seen only rapid market development. Today, they are trading more than $130 million per month.

Novak also revealed Coinkite’s great plans for the future: “By the middle of next year, we will have quadrupled our current size. The next milestone is $1 billion per quarter.”

In addition, Bitcoin trader Vaultoro also achieved a trading volume of more than $1 million, and a month-on-month increase of more than 90%. Some newly developed Bitcoin markets, such as India , also show great investment potential.

"Developing countries skipped landlines and went straight to mobile," said Joshua Singela, CEO and co-founder of Vaultoro, in a statement. "What they are doing is developing traditional branch banks because it is not economical to rebuild them. That, too, has a long way to go."