Cobo And Coincover Collaborate To Enhance Security Of Digital Asset Custody
Key Points:
- Coincover has partnered with Cobo to provide private key disaster recovery services for Cobo’s MPC custody solution in the Asia-Pacific region.
- Cobo’s clients, including asset managers and exchanges, will benefit from the partnership by having access to top-of-the-line protection against catastrophic events, such as hacking, system downtime, and human error.
Coincover, a digital asset security service company based in the UK, has partnered with Cobo, the largest digital asset custody technology service platform in the Asia-Pacific region.
As a third-party private key disaster recovery service partner of Cobo’s MPC custody solution, Coincover will help provide private key recovery services in extreme cases where one of the other two private keys cannot be used.
Cobo uses the advanced Multi-Party Computing Threshold Signature Technology (MPC-TSS)-based co-management hosting solution to provide a 3-2 signed co-management configuration, in which the company and the client each manage a private key segment and an independent third party selected by the customer keeps a private key fragment.
This partnership is an important part of our strategy. We are taking digital asset infrastructure to the next level, which means we also need to provide our clients with the best protection standard. It soon became clear that Coincover was a service we needed to tap into. Coincover’s technology adds an essential layer of security in protecting our customer’s digital assets. This partnership also gives us a competitive edge on top of our recently announced SuperLoop, an off-exchange custody and settlement network, which helps reduce the risks of centralised exchanges.
Dr. Changhao Jiang, Co-Founder & CTO at Cobo said
Through the partnership, all of Cobo’s customers, including asset managers and exchanges, will have access to top-of-the-line protection against catastrophic situations such as hacking, system downtime, and losses due to human error.
The partnership is expected to help Coincover expand in the Asian market and strengthen Cobo’s ability to serve global customers and expand globally. Coincover recently completed a new round of financing of US$30 million on February 9.
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