Bitso, Latin America's leading cryptocurrency exchange, has announced a strategic partnership with Coincover, a blockchain protection company, to bolster security for digital assets. This collaboration aims to provide comprehensive protection against potential threats like hacking and lost access, ensuring the safety of customer funds.
Key Features of the Bitso-Coincover Partnership
Non-Custodial Disaster Recovery Solution
Coincover integrates seamlessly with Bitso's Multi-Party Computation (MPC) infrastructure, offering a non-custodial disaster recovery system. This enables Bitso to quickly regain lost access in case of operational or technological failures.
Advanced Risk Mitigation
Bitso will deepen its integration with Coincover’s Risk Engine, which provides:
- Real-time transaction monitoring
- Proactive threat identification
- Enhanced fraud prevention
This solution adds an extra security layer compared to existing market offerings.
Why Security Matters in Latin America’s Crypto Market
👉 Crypto security trends in 2024 show that Q2 losses reached **$572 million**, more than double the $220 million from Q2 2023. Notably:
- 70% of losses stemmed from centralized exchange hacks
- 50.3% of LatAm investors use crypto as a savings tool rather than for trading
This makes robust security protocols essential for exchanges operating in the region.
Executive Insights
Bitso’s Commitment to Safety
Nano Rodriguez, Head of Strategic Alliances at Bitso:
"Our partnership with Coincover reinforces our dedication to security, making Bitso Latin America’s most reliable crypto exchange."
Coincover’s Mission
Digby Try, Senior VP at Coincover:
"Blockchain protection is a necessity, not an option. This partnership sets the gold standard for asset safety in crypto."
Frequently Asked Questions (FAQ)
1. How does Coincover protect Bitso users?
Coincover provides real-time risk monitoring and disaster recovery solutions to safeguard against hacks and technical failures.
2. Why is LatAm a focus for crypto security?
The region has the highest preference for centralized exchanges globally, making them prime targets for attacks.
3. What makes this partnership unique?
It combines Bitso’s MPC infrastructure with Coincover’s Risk Engine for unparalleled protection.
4. How does this benefit long-term crypto holders?
Enhanced security measures ensure safer storage for users treating crypto as a savings tool.
Conclusion
This partnership underscores Bitso’s proactive approach to security while accelerating Coincover’s expansion in Latin America. For users, it translates to greater trust and asset protection in an increasingly risky digital landscape.
👉 Explore crypto security best practices to stay informed.