CoinW has partnered with digital asset protection provider CoinCover to enhance the security of users’ digital assets, including protection against risks such as hacking, lost access, and operational disruptions.
The cryptocurrency exchange has deployed CoinCover’s advanced technology, backed by a warranty provided by insurers at Lloyd’s of London, into its infrastructure to provide a non-custodial disaster recovery solution.
The non-custodial disaster recovery solution ensures that in the unlikely event of an operational failure, CoinW can swiftly recover access to its users’ assets, maintaining an uninterrupted service.
CoinW will also benefit from CoinCover’s real-time fraud protection risk engine, which actively monitors transactions to detect and prevent potential security threats – a layer of protection that enhances CoinW’s existing fraud detection measures.
“Collective responsibility to reassure investors that their funds are safe and secure”
Sonia Shaw, President of CoinW, said: “At CoinW, protecting our users’ digital assets is at the heart of everything we do. By partnering with CoinCover, we are taking proactive steps to provide the highest levels of security, ensuring our users can trade with confidence. This collaboration reflects our mission to build trust, transparency, and long-term value for our global community.”
Anthony Yeung, Global Head of Strategic Development at CoinCover, adds: “Stringent protection measures are no longer an option, but an imperative for crypto exchanges. As more members of the public begin to engage with digital assets for the first time, the industry has a collective responsibility to reassure investors that their funds are safe and secure. Our own research found that concerns around fraud and hacking are two of the biggest barriers to adoption, so addressing these challenges will be key to attracting new users and fostering a sustainable digital asset ecosystem. This partnership will give CoinW’s customers unparalleled protection and represents another important milestone in our mission of building greater trust and confidence in crypto.”
CoinCover recently onboarded VirgoCX and Netcoins to its RegTech platform for crypto trading platforms as regulatory compliance becomes increasingly critical for the long-term prosperity of these businesses in Canada. With Canadian regulatory authorities tightening the rules for crypto companies, the blockchain protection company will help VirgoCX and Netcoins to provide the best-in-class security for customer assets.
BitGo, which has been a CoinCover client since 2019, recently expanded its partnership to enable clients to manage wallet access failure by holding recovery data with a trusted third party. 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.
