Hedgy Hopes to Tackle Bitcoin Volatility Using Multi-Signature Technology
A new startup named Hedgy is looking to tackle one of bitcoin's biggest problems - volatility. While an entire industry including payment processors, wallets and data-driven tools has been built around bitcoin, the thorny issue of how to reduce its volatility against more familiar fiat currencies still remains. The team at Hedgy thinks that the ability to use multi-signature addresses to execute derivative contracts might be a way for bitcoin companies to "hedge," or mitigate, the risk inherent in bitcoin's fluctuating value. Matt Slater, CEO of Hedgy, told CoinDesk he believes his startup....
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The successful US$65 million dollar hacking attack launched on the Bitfinex trading platform left the community to question the security measures of the multi-signature technology implemented by the exchange. It also triggered a relatively simple yet important argument; how is Bitcoin actually stolen? To begin with, let’s tackle the fundamentals of the security breach of Bitfinex. As demonstrated by the infographic provided by Bloomberg below, the major factor behind the Bitfinex trading platform’s vulnerability was its improper implementation of the multi-signature technology and of the....
World's leading Bitcoin exchange Bitfinex has partnered with multi-signature technology provider BitGo following the recent hot wallet compromise in which 1500 Bitcoins were stolen. The exchange announced the integration of the multi-signature technology via a press release. Bitfinex will now provide a multi-signature wallet to each customer, allowing traders to keep track of their funds on the blockchain. With this development, the Bitcoin exchange also expects to avert any future hot wallet compromises or at least minimize the impact. Since each user will have an individual multi-sig....
The Boost VC Tribe 4 graduate Hedgy completed a $1.2 million funding round from investors including Tim Draper, Salesforce CEO Marc Benioff and Sand Hill Ventures. Hedgy, founded in April 2014 is the first Bitcoin startup to create multisig powered smart contracts to protect merchants from the price volatility of bitcoin. Initially, under the project name Coindash, Matt Slater (co-founder and head of trading) and Juan Pineda (co-founder and head of technology) worked together in Boost VC's bitcoin hackathon to create prototypes of the world's first programmable smart contracts for....
Hedgy is no longer in the bitcoin derivatives business, according to CEO Matt Slater. In a new interview, Slater said that Hedgy has pivoted from its original positioning as a bitcoin derivatives and smart contracts startup, aiming to recast itself as a blockchain applications development platform similar to Chain or Gem. Hedgy raised $1.2m last April from a list of notable VCs including Draper Fisher Jurvetson partner Tim Draper, Salesforce CEO Marc Benioff, and Sand Hill Ventures. At the time, the startup had sought bitcoin miners and merchants to use its tools, enabling them to lock in....
Hedgy, Inc., a San Francisco, Calif. -based, Boost VC-accelerated startup, has launched a block chain-enabled, over-the-counter hedging product for commercial bitcoin miners. MegaBigPower, a Wenatchee, Wash. -based bitcoin miner, and Crypto Facilities, a London-based derivatives broker, will offer a smart contract for hedging bitcoin mining proceeds at a fixed price for delivery on a future date. In traditional finance, the product operates like a forward contract. Hedgy, by utilizing the bitcoin blockchain, programs contracts to "self enforce" and settle as soon as contract terms are....