Share this article
BTC
$82,804.97
-
0.70%ETH
$1,786.79
-
0.58%USDT
$0.9998
+
0.04%XRP
$2.1339
+
0.60%BNB
$593.08
-
0.19%SOL
$118.10
-
3.04%USDC
$1.0002
+
0.02%DOGE
$0.1676
-
0.91%ADA
$0.6495
-
1.18%TRX
$0.2376
-
1.13%LEO
$9.0897
-
4.31%LINK
$12.66
-
1.08%TON
$3.2627
-
2.90%XLM
$0.2516
-
2.60%AVAX
$17.93
+
0.09%SUI
$2.2120
-
1.41%SHIB
$0.0₄1215
-
0.29%HBAR
$0.1605
-
2.80%LTC
$82.34
-
1.67%OM
$6.2935
-
0.01%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Crypto Custody Firm BitGo Releases Security Features Aimed at Bitcoin Ordinals
Custody provider BitGo has released a security tool for protecting Bitcoin Ordinals Inscriptions from accidental transfers.
Crypto custodian services provider BitGo released security features designed to protect owners of Bitcoin Ordinals Inscriptions, which allow people to inscribe text, images and even videos directly on the Bitcoin blockchain.
Bitcoin Ordinals was introduced at the end of January. Its newness means wallets cannot yet easily receive, send or store Ordinals Inscriptions. This puts potentially high-value inscriptions at risk of being accidentally transferred or sent to mining fees.
STORY CONTINUES BELOW
The tool introduced Thursday is intended to enable users to add Inscriptions tracking to any bitcoin hot wallet on BitGo.
With tracking enabled, any transaction received into the wallet will be checked for Inscriptions and frozen, if inscribed, to prevent the loss of valuable inscriptions, adding much needed security to Inscription storage.
"Bitcoin Ordinals brought an entirely new layer of engagement to the Bitcoin network but, upon launch, the surrounding ecosystem missed key security components to ensure high-value Ordinals Inscriptions were safeguarded,” Chen Fang, BitGo's chief operations officer, told CoinDesk over email.
Bitcoin Ordinals have seen runaway growth since its launch earlier this year, with over 600,000 Inscriptions so far, data shows.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
