BitQuick Uses BitGo To Implement P2SH Multi-Sig Addresses

BitQuick, a peer-to-peer Bitcoin trading platform that connects buyers and sellers, has announced its integration of Pay to Script Hash (P2SH) multi-signature addresses through the BitGo platform. This makes BitQuick the first major marketplace to implement multi-signature technology to protect customer funds.
BitGo, which launched the first ever multi-signature Bitcoin wallet in 2013, provides its clients with three keys. Two of the keys, the user key-pair and the backup-key pair, are held by BitQuick, and one key is held by BitGo. The backup-key pair is stored in a secure offline location and can be used for fund recovery in the case of a BitGo service failure. In order to perform a transaction from a secure address, 2-factor authentication must be performed, and other levels of automatic fraud detection must be passed. This allows BitQuick to provide the advantages of cold storage level security while also maintaining the convenience of quick transactions.

This post was published at Bitcoinist on January 5, 2015.