BitGo Gets a Green Light on its First Patent

In September 2021, BitGo received its first patent for generating addresses, e.g., for storing cryptocurrency, using key pairs. The company offers a distributed wallet as well as custodial services for digital assets. The patent was filed with a TrackOne request for expedited examination in December 2018. Prosecution history shows that in April 2021, the USPTO indicated that the application included patentable subject matter. BitGo was acquired by Galaxy Digital for $1.2B in May 2021, likely in an attempt to improve Galaxy’s prospects after the firm suffered millions of dollars in losses in 2018 and 2019. In early September 2021, it was also reported that El Salvador, which has become the first sovereign government to allow Bitcoin as legal tender, would be tapping BitGo for its national cryptocurrency wallet infrastructure. This partnership could be a huge boost for BitGo, and its patent protection may help it to increase domestic activity in the aftermath of the El Salvador launch. There is still a lot that must be done before the rollout, but keep an eye on Patent Forecast® to see how BitGo and other wallet companies will respond.