BitGo, the US-based digital asset firm that provides regulated custody, staking, and trading services, is now ensuring its institutional customers can get well pockets knowledge in the event of lost entry via its collaboration with Coincover. This cryptocurrency insurance-backed expertise protects digital belongings from hacks and human error.
BitGo’s most recent maneuver will see its customers’ restoration knowledge saved with a third-party custody source, ensuring that if they lose access to their pocket keys, knowledge restoration will be assured.
Because the cryptocurrency market is becoming increasingly, and concerningly, synonymous with asset volatility and the well-known phrase ‘capital in danger,’ this collaboration intends to use lessons learned from recent events to create an industry standard of digital asset security.
Finally, BitGo’s customers will benefit since they will better grasp the security risks associated with bitcoin wallets. Once a company has identified what type of pocket arrangement is best for them, Coincover will provide a reliable backup and restoration solution to eliminate the company’s risks of figuring it out for themselves.
“Given how much deposit security is top of mind right now, this partnership is one step ahead for holders of digital belongings, as it goals to provide an industry standard of digital asset safety,” says Oliver Cummings, strategic partnerships director at Coincover. “This will help inform BitGo’s customers about the security risks of digital assets and build trust in encouraging mass adoption.”
‘There is no such thing as being too safe.’
This isn’t the first time the two companies have collaborated, with BitGo’s partnership with Coincover dating back to 2019 with the debut of Coincover’s Cryptocurrency Wills crypto-insurance product.
The product encouraged the secure storage and entry of bitcoin and digital assets. Now, four short years later, the duo is reaffirming its mission to provide a fresh new standard of security to an industry that has historically been anything but secure.
“Safety has always been important to us,” says Gavin Kip, senior safety product manager at BitGo, “but we’re always looking for ways to improve.”
“There is no such thing as being too safe. That’s why we’ve expanded our partnership with Coincover to include storing backup keys with Coincover for all BitGo coin options,” he says.
“Their expertise in safety is unparalleled, and it serves as a failsafe against disaster conditions if we – or one of our purchasers – fail indirectly.” It’s a valuable additional layer of security to maintain our reputation as the most important and secure place to store digital assets,” Kip concludes.
