Bitso Collaborates with Coincover to Enhance Cryptocurrency Security

Bitso Partners with Coincover for Enhanced Security

Bitso, a prominent Latin American cryptocurrency exchange, has announced its collaboration with Coincover, a leading blockchain protection firm, to bolster the security of its digital assets. This partnership, revealed on Thursday, integrates Coincover’s advanced technology with Bitso’s multiparty computation (MPC) infrastructure, aimed at providing robust non-custodial disaster recovery solutions.

With this integration, Bitso will benefit from enhanced protection against various potential threats such as hacking incidents and loss of access to accounts. Furthermore, Coincover will monitor all outgoing transactions in real-time, ensuring an additional layer of security for the exchange’s operations.

Recent data from Immunefi highlights the alarming scale of security breaches within the cryptocurrency sector, revealing that over $900 million has been lost to hacks and fraudulent activities so far this year. Notably, a staggering $572 million was stolen in just the second quarter, more than doubling the losses compared to the same period last year.

“Latin America exhibits the highest preference for centralized exchanges among cryptocurrency users globally. While this trend indicates significant growth in the region’s crypto industry, it also means that these exchanges are increasingly becoming prime targets for hackers and scams,” stated Digby Try, Senior Vice President at Coincover, in a recent statement.

Founded in 2014, Bitso has established a strong presence in Mexico, Brazil, Argentina, and Colombia, boasting a customer base of 8 million individuals, alongside 1,700 institutional clients and a workforce exceeding 500 employees. In contrast, Coincover, founded in 2018, has rapidly expanded its reach, currently serving 500 clients, including notable names such as Fireblocks, BitGo, and Ledger.