BitGo to Integrate Civic Identity Verification Services for Royal Mint Gold

Announcements, Blockchain, Innovation | October 25, 2017 By:

Blockchain security company BitGo will be adding Civic‘s know-your-customer (KYC) services to its new Royal Mint Gold (RMG) wallets. BitGo will be the first full digital KYC partner for the Civic Network.

Founded in 2013 by Mike Belshe and Ben Davenport, BitGo offers B2B products for bitcoin, ethereum, Ripple, Litecoin, RMG, and other digital currencies. The company builds the BitGo Offline Vault, an enterprise-grade, secure cold storage solution atop HSMs for both custodial and non-custodial solutions.

Civic is an identity verification and management service that allows consumers to protect and authorize the use of their identities in real-time. Civic is spearheading the development of an ecosystem that is designed to facilitate on-demand, secure, and low-cost access to identity verification services via the blockchain. The company recently introduced a Civic token that participants in the ecosystem will use to provide and receive identity verification-related services. Civic sold $33 million of its tokens during its token sale event in June.

Royal Mint Gold is a new digitized gold offering that utilizes distributed ledger technology (DLT) to make it more cost-effective and provide increased transparency for traders and investors to trade, execute and settle gold. RMG utilizes blockchain technology for its digital infrastructure, providing a cryptographically-secured alternative to buying, holding, and trading spot gold.

Purchasers of RMG will have the opportunity to invest in real gold with the ability to trade value on an exchange. The project will initially be available to all UK residents and will expand globally in the coming months.

BitGo CEO Mike Belshe said they chose the Civic identity solution because of their innovative underlying model which protects consumers and businesses alike. He added that Civic is keeping user data safe in a way which provides higher accuracy for businesses at lower cost.