**Enhancing Security: Bitso Partners with Coincover for Latin American Exchange**
**Introduction:**
Bitso, a leading Latin American cryptocurrency exchange, has announced a strategic partnership with Coincover, a blockchain protection company, to enhance the security of digital assets on its platform. This collaboration comes at a crucial time when centralized exchanges in the region are increasingly becoming targets for hacks and scams, posing a significant risk to investors and the overall stability of the crypto industry.
**Bitso’s Security Measures:**
Bitso will be leveraging Coincover’s non-custodial disaster recovery service to safeguard its customers’ funds against potential cyber threats. By integrating with Bitso’s multiparty computation (MPC) infrastructure, Coincover will provide advanced security features, such as real-time monitoring of outgoing transactions and protection against hacking incidents or loss of access. This proactive approach demonstrates Bitso’s commitment to maintaining the highest standards of security and trust for its users.
**Challenges in Latin America:**
According to Coincover, Latin America has the highest preference for centralized exchanges among crypto users globally. While this trend reflects the growing interest in digital assets in the region, it also makes these exchanges prime targets for malicious activities. The prevalence of hacks and scams in the crypto space has highlighted the urgent need for robust security measures to protect investors and ensure the long-term sustainability of the industry.
**Industry Insights and Data:**
Recent data from Immunefi reveals that over $900 million has been lost to hacks and fraud in the cryptocurrency market this year, with a staggering $572 million stolen in the second quarter alone. This alarming trend underscores the importance of implementing comprehensive security solutions, such as Coincover’s non-custodial disaster recovery service, to mitigate the risks associated with cyber threats and safeguard investors’ funds.
**Bitso’s Growth and Impact:**
Bitso, founded in 2014, has established itself as a key player in the Latin American crypto market, operating in countries like Mexico, Brazil, Argentina, and Colombia. With 8 million customers, 1700 institutional clients, and over 500 employees, Bitso has significantly contributed to the adoption and mainstreaming of digital assets in the region. The partnership with Coincover further solidifies Bitso’s position as a trusted and secure platform for trading cryptocurrencies.
**Coincover’s Expertise and Clientele:**
Founded in 2018, Coincover has emerged as a leading blockchain protection company, serving clients such as Fireblocks, BitGo, and Ledger. With a strong focus on enhancing security and risk management in the crypto space, Coincover’s innovative solutions have been instrumental in safeguarding digital assets and preventing unauthorized access. The collaboration with Bitso reflects Coincover’s commitment to providing cutting-edge security services to exchanges and investors worldwide.
**Conclusion:**
The partnership between Bitso and Coincover marks a significant step towards enhancing security and trust in the Latin American cryptocurrency market. By leveraging Coincover’s advanced security solutions, Bitso is reinforcing its commitment to protecting investors’ funds and maintaining a secure trading environment. As the crypto industry continues to evolve and expand, proactive measures like non-custodial disaster recovery services will play a crucial role in safeguarding digital assets and ensuring the long-term viability of exchanges in the region.
