Losing access to digital assets is a genuine concern for users. And as the cryptocurrency market matures, security and risk management become increasingly important to both customers and regulators. It is in light of these well-founded concerns that BitGo announces its latest collaboration with Coincover.
BitGo, the US-based digital asset company that provides regulated custody, staking and trading services, now grants its institutional users the ability to recover wallet data in case of loss of access through its collaboration with Coincover, the cryptocurrency insurance-backed technology that offers protection of digital assets of hacks and human errors.
This latest move by BitGo will cause the recovery data of its clients to be stored with the third party escrow providerand with this, if they lose access to their wallet keys, data recovery can be guaranteed.
As the cryptocurrency market is becoming increasingly, and worryingly, synonymous with asset volatility and the famous phrase 'risk capital', this association intends to apply lessons learned from recent events to create an industry standard for digital asset protection.
Ultimately, this will benefit BitGo customers as they will gain a fuller understanding of the security risks associated with cryptocurrency wallets. Once a business has decided what type of wallet setup is optimal, Coincover will provide a reliable backup and recovery solution to alleviate the risks of the business having to determine that for itself.
โGiven the importance of deposit security right now, this partnership is a step forward for digital asset holders as it aims to provide an industry standard for digital asset protection,โ he comments. oliver cummings, director of strategic alliances at Coincover. "This will help inform BitGo customers of the security risks of digital assets and build trust to foster mass adoption."
'There is no such thing as too safe'
This latest announcement is not the first time the two companies have worked together, as BitGo's partnership with Coincover dates back to 2019 with the launch of Coincover. cryptocurrency wills crypto insurance product.
The product promoted the secure storage and secure access of cryptocurrencies and digital assets, and now, four short years later, the duo are reconfirming their commitment to bringing a new standard of security to an industry that is traditionally anything but secure.
โSecurity has always been fundamental to us,โ he says. gavin Sleepsenior security product manager at BitGo, "but we are constantly looking for ways to improve."
โThere is no such thing as too safe. This is why we have enhanced our relationship with Coincover, to integrate the option to store backup keys with Coincover for all BitGo coin offerings,โ he continues.
โTheir technology is unparalleled when it comes to security and acts as a fail-safe against disaster situations should we, or one of our customers, fail in any way. It is a valuable additional layer to our security and will ensure that we maintain our reputation as the best and most secure place to store digital assets,โ concludes Kip.
