Switching to BitGo
TLDR; We’ve switched from a custom multisig wallet solution to multisig from BitGo. Every customer has a new deposit address- make sure you send payments there!
In our quest to provide a more stable, secure service to all Fold users, we’ve recently switched to BitGo’s multisig wallet service.
Fold has used multisig for some time. For us, a multisig provider is a huge improvement over third-party payment processors. With multisig, you can take advantage of a robust API partner, while still maintaining control of your bitcoin. And in our case, we need the final say over what happens when a customer mispays, or otherwise needs a refund.
When we had issues with our wallet service this past month, we turned to BitGo. BitGo was an obvious alternative- they are practically synonymous with multisig wallets.
The new system rolls out today.
What does this change mean for users?
Every user is getting a new deposit address.
If you’ve saved an address from past purchases, make sure you update it to the new address. Just you pay the bitcoin address shown in the app, and you won’t have any problems.
Refunds using this system should be smoother. Most people haven’t had issues- and in that case, you won’t even notice a difference!
This is the latest in a series of releases focused on stability. Now that we’ve addressed these issues, we can focus on the exciting stuff- expect an update on new merchants, features, and partnerships soon!