This week marks a turning point for the bitcoin community. Bitcoin futures, aka traditional derivatives based on cryptocurrency, are now officially offered and traded by mainstream institutions such as the Chicago Board Options Exchange.
Meanwhile, CoinDesk reported BitGo, a cryptocurrency wallet provider for enterprise players, just raised $42.5 million in a B series funding round. BitGo specializes in multi-signature wallet services, which offers a high level of security because theoretically multiple people have to sign off in order to transfer funds. The California-based company has raised more than $55 million since it was founded in 2013.
BitGo claims to process $8 billion worth of transactions per month. Its business, plus the expansion of enterprise services such as Coinbase Custody for institutional investors, is ushering in a new era of blockchain technology. “I think the entire industry has been focused on the consumer world for the last couple of years,” BitGo co-founder and CEO, Mike Belshe, told International Business Times. “Now what we’re seeing is a different area where asset managers or fund managers are helping manage literally millions to billions of dollars in cryptocurrency.”