The two companies have been working together since 2019 to provide secure business continuity features to their institutional clients. This new partnership will allow BitGo clients to recover their wallets in a secure manner by tapping Coincover in case they lose access to their keys.
According to the company press release, the two companies are looking to create an industry standard of digital asset protection by applying lessons learned from recent events. The goal is to make sure that BitGo’s clients will be able to understand the security risks of digital assets while building trust to encourage mass adoption. Once a business decides what kind of wallet set-up they want to go with, Coincover creates a backup and recovery solution to minimise the risks of the business having to determine that for themselves.
BitGo officials talked about their relationship with Coincover, particularly in the context of security. They highlighted Coincover’s advanced technology and how it can act as a failsafe against unfortunate situations in which BitGo or its clients fail in some way. Coincover officials revealed that this partnership represents another step forward in their mission to make crypto accessible to everyone by making it safe to hold and use.
In February 2023, Coincover raised USD 30 million and planned to use the funds to improve its digital asset protection capabilities. The funding round was led by Silicon Valley venture capital outfit Foundation Capital. Coincover specialises in helping companies protect their digital assets such as cryptocurrencies by combating hacking and preventing human error.
About this funding round, Coincover representatives emphasised the growing trend among crypto holders to safeguard their digital assets, which is causing a high demand for their business. They also revealed that they plan to use the new funds to improve their service for all existing and future customers while contributing to a better and more mature digital asset ecosystem.
Founded by a team from the UK's Royal Mint in 2018, Coincover is backed by leading fintech and crypto investors. The company is working with some of the biggest names in crypto to protect themselves and their customers from theft, hacking, and human error.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now