To offer complete security for digital assets, Bitso, the Latin American cryptocurrency exchange, has partnered with Coincover, a blockchain protection company.
Bitso clients’ money will be protected from unfavourable scenarios like hacking or lost access due to this strategic cooperation.
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Coincover provides a non-custodial disaster recovery solution by connecting with Bitso’s multi-party computation (MPC) infrastructure in a seamless way. This makes it possible for Bitso to quickly regain access in the case of a technical or operational breakdown.
Bitso will be strengthening its ties with Coincover’s Risk Engine to gain full protection in order to increase its capacity for risk mitigation.
This evaluates outgoing transactions in real time to actively identify and mitigate security threats, supplementing Bitso’s current fraud protection procedures.
Moreover, Coincover’s risk solution provides an additional degree of security above other alternatives on the market.
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By GlobalDataLosses from cryptocurrency jumped to $572m in the second quarter of 2024, more than doubling the $220m from the same period the year before. It is noteworthy that hacking on centralised exchanges accounted for 70% of these losses.
LatAm exchanges need to be efficient at handling these potential and obstacles because half (50.3%) of LatAm investors employ cryptocurrencies more long-term, preferring to use them as a savings tool as opposed to a daily trading asset.
Bitso Coincover reaction
In an era where customers value security above all else, the collaboration benefits both parties and strengthens Bitso’s reputation as a safety-conscious exchange that goes further than the minimum legal standards to ensure the safety of customers’ funds.
This accomplishment expedites Coincover’s entry into the Latin American market.
Nano Rodriguez, head of strategic alliances at Bitso, shared: “As we continue to grow and expand our services, ensuring the safety and security of our customers’ digital assets remains our top priority. By partnering with Coincover, we are reinforcing our commitment to providing a secure and trusted platform for our users. This collaboration allows us to offer unparalleled protection and peace of mind, making Bitso the most reliable cryptocurrency exchange in Latin America.”
Digby Try, senior vice president at Coincover, added: “Blockchain protection is an absolute necessity for crypto firms, rather than merely a ‘nice-to-have’. Latin America has the highest preference for centralised exchanges amongst crypto users in the world. While this is a sign of the industry’s growth in the region, it means these exchanges are increasingly becoming the targets for hacks and scams. It is essential that crypto exchanges can give their customers complete reassurance that their funds are safe from these threats, or they risk giving competitors an edge. Our partnership will give Bitso’s customers the gold standard for asset protection and represents another major milestone in our mission of building greater trust, confidence, and safety in crypto.”
