Coincover, the global leader in digital asset protection, announces its new partnership with BitGo, the leader in custody, wallet, and security solutions, enabling clients to benefit from wallet access failure by holding recovery data with a trusted third party.
Coincover and BitGo have collaborated since 2019, bringing an industry standard of protection to the digital asset economy by offering secure business continuity features to their institutional clients. BitGo clients are able to recover their wallets in a secure manner working with Coincover in the case they lose access to their keys.
As the crypto market matures, security and risk management is becoming an increasingly important consideration for customers and regulators alike. The partnership intends to apply lessons learned from recent events to create an industry standard of digital asset protection. This will help inform BitGo’s clients, enabling them to understand the security risks of digital assets while building trust to encourage mass adoption. Once a business has decided what kind of wallet set-up is optimal, Coincover can provide a trusted back-up and recovery solution to alleviate the risks of the business having to determine that for themselves.
By collaborating with Coincover, BitGo and its clients can manage all security risks simply and effectively.
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.”
About Coincover
We’re on a mission to make crypto safe for everyone to hold and use. Our preventative technology is a world first, designed to help investors and crypto companies protect their digital assets, reduce their risk exposure and future proof their business.
Founded by a team from the UK’s Royal Mint in 2018, Coincover is backed by leading fintech and crypto investors. Today, we help over 200 of the biggest names in crypto to protect themselves and their customers from theft, hacking, and human error.
We are a trusted third party that guarantees retail and institutional users always have access to their wallets, without being jeopardized by single-point failures. Our services help customers show regulators that effective wallet recovery solutions are in place, while ensuring we never take custody of their assets.
To accomplish this, we offer a range of products compatible with various wallet architectures, including MPC, TSS, multi-sig, single-sig, and seed phrase wallets. All our cold storage technology solutions meet FIPS 140-2 Level 3 security standards.
We provide options for securely storing encrypted recovery data, which can be returned to customers when required, or for co-signing recovery transactions. We manage the entire process end-to-end, overseeing and verifying access control lists for customer stakeholders who can form a quorum and initiate recoveries swiftly.
For further information, please visit: www.coincover.com
About BitGo
BitGo provides the most secure and scalable solutions for the digital asset economy, offering regulated custody, staking and trading, and core infrastructure to investors and builders alike.
Founded in 2013 — the early days of crypto — BitGo pioneered the multi-signature wallet and later built TSS to improve upon other companies’ MPC offerings. Between multi-sig and TSS, BitGo offers the safest technology on the market and safeguards over 600 tokens across a wide variety of blockchains. Over the years, BitGo has expanded from offering wallets into providing a full-suite solution that lets clients hold assets safely and then put them to work. BitGo launched BitGo Trust Company in 2018, providing fully regulated, qualified cold storage to complement BitGo Inc’s original hot wallet solution. In 2020, BitGo launched BitGo Prime, which allows its clients to trade, borrow, and lend. Moreover, BitGo also provides access to DeFi, staking, NFT wallets, and beyond, and serves as the world’s sole custodian for WBTC, or wrapped Bitcoin. Today, BitGo is the leader in digital asset security, custody, and liquidity, providing the operational backbone for more than 1500 institutional clients in over 50 countries — a list that includes many regulated entities and the world’s top cryptocurrency exchanges and platforms. BitGo also processes approximately 20% of all global Bitcoin transactions by value. For more information, please visit www.bitgo.com.