BitPay Adds Security, New Mining Deal

Bitcoin service provider BitPay has released version 3.1 of its mobile wallet, which adds a personal identification number (PIN) and fingerprint screen locking feature.

BitPay also announced a development agreement with Bitmain technologies, which provides the mining hardware many use. Under the deal, described as multi-year and multiple millions without specifics, BitPay will created open source software, mining pools, and full node operators to maintain and secure blockchain transactions.

“At BitPay, we recognize that there is an untapped market of mining companies that require more advanced platforms for their businesses than are available today,” said BitPay CEO Stephen Pair. “We value having Bitmain as a customer, and we believe that miners and mining technology providers like Bitmain play a vital role in the security and ongoing success of the Bitcoin blockchain.”

Regarding its wallet innovations, BitPay claims its new fingerprint and PIN feature will protect the wallet app from unwanted or accidental intrusion, and give it additional privacy protection. BitPay also added the BitPay Card and a new options for sending bitcoin to other bitcoin addresses.

“A PIN alone won’t provide full security for the bitcoin private keys required to spend your bitcoin,” said a company blog post. “If you want serious security for your funds, we strongly recommend creating a multi-signature, called a “shared” wallet in the BitPay app. You can share a multi-signature wallet with trusted friends or split the private keys required to move funds between 2 or 3 of your own devices. This makes it almost impossible for even the most determined attacker to gain access to your funds.”