Last updated on October 13th, 2017 at 11:28 am
The company Armory Technologies, creator of Bitcoin wallet software that the firm claims to be the most secure in the world, just announced two great news a few days ago: the completion of a $600,000 seed round investment, partially funded in Bitcoins, and also the release of a new updated version of their software.
The investment was led by the Bitcoin expert, journalist and investor Trace Mayer and also includes the investors Kevin Bombino and Jim Smith. The $600,000 will allow the founder and lead developer Alan Reiner and his team to dedicate to the project in full time, further developing the Armory Bitcoin wallet.
“We’re excited to get funding which enables more talent to develop Armory without the pressure to produce revenue. Trace believes the Bitcoin ecosystem desperately needs Armory’s features and that is one of many reasons why we picked him as our investor. He deeply understands Bitcoin and his first priority is for the Armory team to focus on developing a quality product that adds value”, said Alan Reiner.
Let’s recall that Armory pioneered the “cold storage” concept in 2011, which consists in storing and transacting Bitcoin funds where the private keys are stored only on a computer that is kept entirely offline and supports backing up Bitcoin funds to a printed paper backup, explains a press release about the investment.
Being licensed under the ‘AGPL version 3’, Armory and all its derivative programs will always be open-source. In the two years that Armory has been available to Bitcoiners, there has been no reports of any lost or stolen Bitcoins among the service users who trusted in Armory’s printed paper backup feature.
After overcoming a lot of problems and building safe walls around their wallet, Armory is now focused on releasing a new version of their software that dramatically improves the application’s speed, as well as RAM usage. The company already supports multiple wallets, address importing and paper backups, among other services, but the new features will include support for hardware wallets and multi-signature transactions. This next version will include functionality to create fragmented backups that can be stored in multiple locations for increased physical security, adds the press release.
According to Trace Mayer, the community needs “to push forward the development of advanced, complex and powerful cryptographic tools. (…) After all, Bitcoin is the innovative spearhead of creative destruction of the financial and monetary systems”.