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Blue Horizon Advisory

In partnership with www.cryptalnews.com

BitGo Blockchain Software, We vote YES!

1. Summary

  • Owner: BitGo
  • Sector: Blockchain Software
  • Proposal: BitGo Dash Implementation

Recommendation: Positive

2. Owner

2.1 Owner presentation

Name: “BitGo”
Logo:
Inception: 2013
Presentation:
  • BitGo is a blockchain software company that secures digital currency for institutional investors.
  • It offers a suite of tools for managing wallets of multiple coin types, including the world’s five largest cryptocurrencies.
  • This technology solves the most difficult security, compliance and custodial problems associated with blockchain-based currencies
Key figures: Total Funding : $54.5 m
Link: https://www.bitgo.com

2.2 Owner history and track record

Mike Belshe CEO & Co-founder

  • He started his career at Hewlett Packard, followed by Silicon Valley startup Netscape Communications Corp., where he worked on the Netscape Enterprise Server
  • He joined Good Technology, before co-founding Lookout Software in 2004
  • In 2006, he joined Google and was one of the first engineers on the Google Chrome team
  • Later co-founded the SPDY protocol. He submitted SPDY to the IETF in 2011 and was an author of HTTP/2.
  • Belshe currently serves as CEO of BitGo, and he also currently serves on the steering committee for CCSS, the Cryptocurrency Security Standard.

Investment opportunity summary

3.1 Goals

  • Integration of Dash to the set of cryptocurrencies already supported by BitGo
  • Buildup and extend all BitGo features and product offering to Dash
  • Allow businesses that already use Bitgo suite of tools to add Dash to their platforms
  • Allow individual Dash community to use BitGo wallet and benefit from its multiple services (instant transactions, security…)

The funding request aims to:

  • Pay required salaries of the engineers for full-featured wallet integration of Dash
  • Fully integrate and deploy Dash into Bitgo: Full implementation into Bitgo’s API and web application and full support for Dash instant send transactions.

4. Funding scheme

4.1 Requested funds

Total: 516 Dash

4.2 Funding schedule

Payment type: One-time payment
Start date: 19th May 2018
End date: 16th August 2018
Final voting: 30th 2018

Vote statistic

Completed No
Votes
  • 1 052 YES
  • 109 NO
  • 16 ABSTAIN

As of June 29th, 2018

Benchmark and direct competitors

TECHNOLOGY CURRENT WEBSITES CATEGORY POSITION MARKET SHARE
BITGO 23 19 0.13%
COINIFY 6 20 0.03%
TIDBIT 25 18 0.14%
XAPO 33 17 0.18%
MINERO 62 16 0.34%

Source: www.datanyse.com

Recommendation

Upside Downside
  • BitGo secures the world’s five strongest cryptocurrencies.
  • The platform processes over $10 billion in Bitcoin transactions per month, and has processed over $2 billion in Ethereum transactions since adding support late last year.
  • Bitgo offers a world-class custody solution for global enterprise clients. Integrating with Bitgo provides Dash exposure to Bitgo’s users, and provides Bitgo’s users a custody service for holding Dash
  • Bitgo charges fees for integration. While some other competitors offer Dash integration free of charge.
  • BitGo website traffic decreased heavily in recent months, according to alexa.com
  • Heavy operational costs (mainly salaries)

Based on the performances of Bitgo since it has been launched and the track record of its owners, there’s a great opportunity for the Dash community to promote Dash to new users and enlarge its integration to Bitgo clients list. Besides all the upsides mentioned above, the plan of Dash integration is clear and the milestones are well detailed which lowers any risk of non-completion.

We conclude then that there’s a great potential for Dash integration in Bitgo platform on many levels: Bring Bitgo users to Dash community, Make Dash benefit from all Bitgo features especially regarding instant payment and security, give a great push the Dash presence in such Platforms mainly oriented to Businesses and corporations.

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Disclaimer:

All rights attached to this document are exclusively reserved to Blue Horizon Advisory This document can in no case be copied, photocopied, or partially or completely duplicated without prior written permission from Blue Horizon Advisory. This document can only be distributed by Blue Horizon Advisory. This document is intended solely for the use of the addressees. It should not be transmitted to any person other than the original addressees without the prior written consent of Blue Horizon Advisory. If you receive this document in error, please delete or destroy it and notify the sender immediately.
This document is communicated for information purposes only and It should not be construed as an offer or solicitation with respect to the investment or disinvestment. This document is based on a carefully selected public information. However, no representation, warranty or undertaking, express or implied, is made to the recipients of this document as to or in relation to the accuracy or completeness or otherwise of this document or as to the reasonableness of any assumption contained in this document. In addition, any view, opinion or other information provided herein is indicative.

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