BitStamp Implements Multi-sig Wallet technology

A sigh of relief within the Bitcoin community would have been felt right about now. As Bitstamp announces the recommence of their services, confidence and trust in the exchange is likely to be retained by their customers. Following the hot wallet attack on 5th of Jan, the leading Bitcoin exchange Bitstamp halted its services until further notice. In a recent tweet, the exchange declared that the website is open for business along with multitude of new services offered to Bitstamp customers.

“Bitstamp is open for business! Thank you again for your patience during this time.” @BitStamp

The Slovenia based exchange, Bitstamp came true to their promises and delivered in about right time. Along with the redeployment of their exchange from ground up, the exchange was also able to implement new services in order to regain confidence within their customers. The customers’ will bear no financial losses. There’s little to no doubt that the security breach has been handled very professionally by the management team.

As their way of thanking their customers to remain patience during this downtime, Bitstamp is also offering commission-free trading to all of its customers until 17th January at 11:59pm UTC.

“With the integration of BitGo multi-sig technology, Bitstamp is now the first and only major bitcoin exchange to incorporate the industry’s best security practices available today.”

Among the recent updates to the exchange service which can be read on the company’s blog post, the most important one would be the implementation of multi-sig wallet technology. BitGo’s multi-sig technology has been there since late 2013. Bitcoin’s advocates have been calling out on exchanges to adapt this security protocol to prevent a prospective robbery. This attack wouldn’t have happened in the first place if the right security measures were in place. Alas, these are the growing pains of a maturing technology. Bitcoin is learning from its past mistakes. Perhaps, this would convince other big exchanges to get their security right if they want to stay in competition.

The downfall of Bitstamp brought back naysayers of Bitcoin from their rabbit holes. The echoes of Bitcoin is ending could be heard once again all over the Bitcoin forums. Will they be proven wrong once again? Does the reincarnation of Bitstamp from its five days of absence means Bitcoin is back to life? It’s inevitable that a media frenzy will follow. It will now portray in Bitcoin in positive light. Will this have an effect on Bitcoin prices? So many questions and yet no answers. Only time will tell how the future unfolds.

2 Comments

  1. JamesCef January 13, 2021
  2. JamesFieds January 15, 2021

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