BitGo taps Coincover to allow clients to store backup keys for wallet recovery

Rick Steves

“There is no such thing as too secure. That’s why we have elevated our relationship with Coincover, to integrate the option of storing backup keys with Coincover for all BitGo’s coin offerings.”

Digital asset protection provider Coincover has expanded its partnership with BitGo to enable clients to benefit from wallet access failure by holding recovery data with a trusted third party.

Collaborating on digital asset security features for institutional clients since 2019, Coincover and BitGo are now bringing wallet recovery capabilities for users that lose access to their keys.

The partnership intends to apply lessons learned from recent events to create an industry standard of digital asset protection. Once a business has decided what kind of wallet set-up is optimal, Coincover can provide a trusted backup and recovery solution to alleviate the risks of the business having to determine that for themselves.

Option of storing backup keys with Coincover for all BitGo’s coin offerings

Gavin Kip, Senior Security Product Manager BitGo, said: “As a pioneer of blockchain infrastructure, security has always been critical to us, but we are constantly looking for ways to improve. There is no such thing as too secure. That’s why we have elevated our relationship with Coincover, to integrate the option of storing backup keys with Coincover for all BitGo’s coin offerings. Their technology is unparalleled when it comes to security and acts as a failsafe against disaster situations in case we – or one of our clients – fail in some way. It is a valuable additional layer to our security and will ensure we maintain our reputation as the best and safest place to store digital assets.”

Oliver Cummings, Strategic Partnerships Director at Coincover, said: “This is another big step forward in our mission to make crypto accessible to everyone, by making it safe to hold and use. BitGo is one of the most respected names in the market and this further establishes us as the industry standard for safeguarding digital assets. We are delighted to be working with BitGo as we continue our mission to bring safety and protection to the crypto market.”

Read this next

Digital Assets

Swiss regulator shuts down CoinShares’ partially-owned FlowBank

Switzerland’s financial regulator, FINMA, has closed FlowBank SA and placed it into bankruptcy due to severe breaches of capital requirements and other supervisory laws. This follows a series of enforcement actions against the bank that began in October 2021.

blockdag

Presale Power Players: 5 Crypto Presales Primed for Success in 2024 According to Experts

Unlock the potential of the best presale cryptos available now. See why experts recommend BlockDAG, Bitbot, eTukTuk, 99Bitcoins Token, and ButtChain.

Executive Moves

Paxos axes 65 jobs, cuts headcount to below 300

Stablecoin issuer Paxos has laid off 65 employees, equating to 20% of its staff, despite maintaining a robust financial standing.

Institutional FX

US sanctions trigger major shifts in Russian FX market, says Sergey Romanchuk

The U.S. sanctions imposed on June 12 against the Moscow Exchange and its clearing entity, the National Clearing Center (NCC), are set to cause massive disruptions in the Russian currency market, according to FX industry veteran Sergey Romanchuk.

blockdag

BlockDAG’s X1 Miner App Beta Sparks $49.2M Presale Rise; Uniswap & XRP Whales Getting Involved?

Experience BlockDAG’s meteoric 1120% presale rise, Uniswap’s UNI climbing 18%, and Ripple’s XRP anticipating ETF approval. Explore their latest breakthroughs!

Market News, Tech and Fundamental, Technical Analysis

GBPUSD Technical Analysis Report 13 June, 2024

GBPUSD currency pair can be expected to fall further toward the next support level 1.2700, which has been reversing the price from last month.

Institutional FX

U.S. sanctions halt dollar and euro trading on Moscow Exchange

New U.S. sanctions against Russia have led to the immediate suspension of trading in dollars and euros on the Moscow Exchange (MOEX), the country’s largest exchange group.

Digital Assets

MicroStrategy raises $500M to buy more Bitcoin, now holds 214,400 BTC

MicroStrategy, the largest corporate investor in bitcoin, plans to raise $500 million through a convertible senior note offering, with an option for an additional $75 million.

Crypto Insider

7 Best Upcoming New Crypto Coins : From  World of Virtual and Augmented Reality

In 2024, all new buyers want to know about the best upcoming new crypto coins. For those who have invested before, you know that there are often “hidden gems” that can give you huge returns on your money.

<