Every business owner knows what bitcoin is, but do they understand how to use it?
For a large portion, the answer is no. Crypto's a vastly complicated landscape, leaving many who wish to invest either too wary of security risks or unable to achieve functional scale.
That could soon be a problem of the past, if BitGo has anything to do with it. Since it was founded in 2013, BitGo has aimed to make digital assets usable for businesses operating in a regulated economy.
Offering security and scalability in the crypto space is its top priority, BitGo CEO Mike Belshe told TheStreet. Their cutting-edge multi-signature technology safely distributes key materials to exchanges and processors, and more recently, to asset and fund managers.
"We cut our teeth on the bitcoin side of things," Belshe said. But now, the platform supports six of the most widely used cryptocurrencies.
The multi-sig technology means that each digital asset has three keys, Belshe explained. The customer holds one of the keys, a third party key recovery service holds another and BitGo holds the third. That makes the asset non-custodial to BitGo and means BitGo can't move any assets without compliance from the customer.
BitGo utilizes the multi-sig technology in its services including web wallets, offline vaults, private blockchains, platform API and Instant, BitGo's business-ready instant bitcoin commerce product.
The company recently completed a $42 million round of series B funding that will allow it to "expand more globally and make sure our product is everything fund managers and asset managers want it to be," Belshe said.
Catering to an evolving audience isn't easy for a startup. But BitGo is remarkably not new anymore.
To be fair, its concept is relatively new. But the company was a pioneer in the space, delving in when bitcoin was a word few knew. Belshe recognized the immense possibility early on, well before crypto dominated headlines and prices skyrocketed.
Still, Belshe maintains that we are still in the infancy of the crypto revolution. He's got the pedigree to prove he knows his stuff -- Belshe worked at Alphabet Inc.'s (GOOGL - Get Report) Google on the founding team for Chrome.
"We believe strongly that digital assets have barely started to begin," Belshe said.
But as an early entrant into the crypto enterprise space, BitGo thinks it could become one of the largest non-custodial players in the game. The firm understands how a crypto business has to operate differently from a traditional finance setup.
"Tomorrow, you're going to have a lot more transparency," Belshe said.
He explained that in the early aughts, you chose a bank and simply hoped it wouldn't be a Lehman Brothers. The same is essentially true today with traditional banking. But with cryptocurrency, there is an unparalleled level of transparency that allows investors and asset owners to understand where their holding is and what they can do with it.
With that transparency, the cryptocurrency space will gain traction.
Likely within five years or fewer, Belshe said, "digital assets will be measured in the trillions."
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