Bitcoin wallet YouTube

to build its Messenger app, just left the company after several years to dive into the world of bitcoin.

He’s joining BitGo as a co-founder and chief product officer. BitGo is building a security-as-a-service platform for bitcoin. Last year, the startup launched a multi-signature wallet, which requires three keys to access. Other web-based wallets like Coinbase, store their bitcoin off the blockchain, or the public ledger of transactions, and manage a consumer’s private keys for them. Meanwhile, another web-based wallet startup called Blockchain lets users handle their own private keys directly.

BitGo is somewhere in between. There’s an online transactional key, which lives in the browser, and then a back-up offline key which can live in a vault or on a piece of paper. BitGo retains a third key, and two of the three are required to sign any transaction.

“In six months to a year, I believe the multi-signature approach will be the path forward in terms of being able to provide security and transaction ability for the mass market, ” said Davenport.

Now BitGo is launching a number of enterprise focused products, like BitGo Cold Key, which is a multi-signature solution for cold storage, and BitGo Enterprise, which is a multi-signature bitcoin wallet for corporations and financial institutions.

He’s been actively investing in the space for the last couple of years, so a role inside an up-and-coming bitcoin startup made sense. He’ll be overseeing BitGo’s product strategy and development.