Escrow My Bits, a full-fledged bitcoin escrow service offering 4 different types of escrow, has announced that the site will be transferred to new ownership. The transition marks the next phase in a journey that started more than 5 years ago.
Escrow My Bits was started in early 2014 originally as a submission to Coinbase’s hackathon competition going on at the time. The site has grown slowly and steadily over the years and for the release of version 2 of the site, current ownership decided someone needed to take the reins in order to improve and bring Escrow My Bits to a new next level.
In the long run, users will be able to enjoy many improvements to the service, including a full site redesign (UI/UX) that will create a user-friendly browsing experience along with many exciting new features. Even with these changes, the project is not abandoning the original vision. Users will still be able to continue using the site as before, and there will be no immediate changes, nor any disruptions to the service.
Types of escrow on the service include:
- Regular Escrow – deposit funds into a wallet Escrow My Bits controls and the funds are kept safely
- Regular Escrow pegged to fiat value – deposit funds into a bitcoin address controlled by Coinapult and Coinapult pegs the value to a fiat or asset value
- Multi-Signature Escrow – funds are kept in a secure 2 of 3 multi-signature transaction where Escrow My Bits holds only one key
- Multi-Signature Escrow pegged to a fiat value – funds are kept in a secure 2 of 3 multi-signature transaction using Omni (mastercoin) or Nubits to peg the value
