Leading digital asset custody provider BitGo releases a security solution for protecting Bitcoin Ordinals Inscriptions from accidental transfers and enables users to trustlessly inscribe their own content onto the Bitcoin blockchain.
SAN FRANCISCO, March 30, 2023 /PRNewswire-PRWeb/ -- BitGo, provider of the most secure and scalable solutions for the digital asset economy, introduces its security solution for Bitcoin Ordinals Inscriptions, which allows people to inscribe text, images—and even videos—directly on the Bitcoin blockchain.
Given Bitcoin Ordinals are still so new, launched at the end of January 2023, wallets cannot yet easily receive, send, or store Ordinals Inscriptions. This puts potentially high-value inscriptions at risk of being accidentally transferred or sent to mining fees.
BitGo's solution enables users to add inscriptions tracking to any bitcoin hot wallet on BitGo. With tracking enabled, any transaction received into the wallet will be checked for inscriptions and frozen, if inscribed, to prevent loss of valuable inscriptions, adding much needed security to Inscription storage.
In the coming days, BitGo users will be able to send inscribed satoshis to an address of their choice safely, and have a new option on inscription-enabled wallets to mint an inscription when making a new transaction. This will let users trustlessly inscribe their own content into the bitcoin blockchain.
Chen Fang, BitGo's Chief Operations Officer, said, "Bitcoin Ordinals brought an entirely new layer of engagement to the Bitcoin Network but, upon launch, the surrounding ecosystem missed key security components to ensure high-value Ordinals Inscriptions were safeguarded. That's why we're very excited to announce the release of BitGo's solution to securely store Inscriptions and prevent them from being accidentally transferred or sent to mining fees."
About BitGo
BitGo provides the most secure and scalable solutions for the digital asset economy, offering regulated custody, borrowing and lending, and core infrastructure to investors and builders alike. Founded in 2013 — the early days of crypto — BitGo pioneered the multi-signature wallet and later built TSS to improve upon other companies' MPC offerings. Between multi-sig and TSS, BitGo offers the safest technology on the market and safeguards over 600 tokens across a wide variety of blockchains.
Over the years, BitGo has expanded from offering wallets into providing a full-suite solution that lets clients hold assets safely and then put them to work.
BitGo launched BitGo Trust Company in 2018, providing fully regulated, qualified cold storage to complement BitGo Inc's original hot wallet solution. In 2020, BitGo launched BitGo Prime, which allows its clients to trade, borrow, and lend. Moreover, BitGo also provides access to DeFi, staking, NFT wallets, and beyond, and serves as the world's sole custodian for WBTC, or wrapped Bitcoin.
Today, BitGo is the leader in digital asset security, custody, and liquidity, providing the operational backbone for more than 1500 institutional clients in over 50 countries — a list that includes many regulated entities and the world's top cryptocurrency exchanges and platforms. BitGo also processes approximately 20% of all global Bitcoin transactions by value.
For more information, please visit http://www.bitgo.com.
©2023 BitGo Inc. (collectively with its affiliates and subsidiaries, "BitGo"). All rights reserved. BitGo Trust Company, Inc., BitGo Inc., and BitGo Prime LLC are separately operated, wholly-owned subsidiaries of BitGo Holdings, Inc., a Delaware corporation headquartered in Palo Alto, CA. No legal, tax, investment, or other advice is provided by any BitGo entity. Please consult your legal/tax/investment professional for questions about your specific circumstances. Digital asset holdings involve a high degree of risk, and can fluctuate greatly on any given day. Accordingly, your digital asset holdings may be subject to large swings in value and may even become worthless. The information provided herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. BitGo is not directing this information to any person in any jurisdiction where the publication or availability of the information is prohibited, by reason of that person's citizenship, residence or otherwise.
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SOURCE BitGo
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