In essence, this collaboration integrates Coincover's protection solutions with Utila's secure, non-custodial wallet infrastructure. Customers using Utila will now have access to Coincover's third-party recovery technology, improving their protection measures. This includes a self-serve key backup solution, reducing complexity and concerns associated with potential loss of access to funds. The collaboration aims to empower Utila customers to take control of their digital assets, benefiting from Coincover's protection.
Utila's platform offers a user-friendly approach to crypto asset management, providing personalised wallet infrastructure for institutional use. The new partnership introduces a Multi-Party Computation (MPC) solution, simplifying institutional access to crypto.
The onboarding process for Utila customers to select Coincover as their backup provider is streamlined, eliminating complex referral procedures. This simplification facilitates the setup of crypto businesses, minimising entry barriers and supporting institutional involvement in the crypto space.
In the company press release, officials from Utila expressed excitement about the partnership, emphasising Coincover's expertise in crypto asset security aligning with Utila's commitment to safeguarding users' keys and digital assets. Representatives from Coincover described the partnership as groundbreaking, highlighting the combination of top-tier recovery and a user-friendly experience.
Both Coincover and Utila anticipate that this partnership will contribute to increased trust, security, and ease of use in the evolving landscape of digital asset management.
Coincover, founded in 2018, protects over 350 prominent names in blockchain, including Fireblocks, BitGo, and Ledger. Specifically, Coincover helps companies protect their digital assets such as cryptocurrencies by combating hacking and preventing human error.
In February 2023, Coincover raised USD 30 million and revealed its plans to use the funds to improve its digital asset protection capabilities.
The funding round was led by Silicon Valley venture capital outfit Foundation Capital. At the time, Coincover representatives emphasised the growing trend among crypto holders to safeguard their digital assets. 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.
In January 2023, Coincover provided customers of Fireblocks with an alternative for key backup and disaster recovery for digital assets. As a non-custodial and direct-custody technology provider, Fireblocks believes that users should have total control of their own assets, including where and how they store their assets, in order to further mitigate counterparty risk.
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