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CoinHako, a Bitcoin wallet and exchange based in Singapore has announced today that their bitcoin reserve is insured by BitGo Inc’s web-based, multisig institutional wallet protection service.
CoinHako, a Bitcoin wallet and exchange based in Singapore has announced today that their bitcoin reserve is insured by BitGo Inc’s web-based, multisig institutional wallet protection service. The technology of BitGo, underwritten by Ararted Insurer XL Group, assures that the deposits of both hot and cold wallets on CoinHako are “insured against hacking and theft.”
With this announcement, CoinHako has fulfilled one of its immediate priorities by building on top of the BitGo platform to provide industry leading security for its users' funds.
CoinHako CEO Yusho Liu stated:
“This will give our end users even more confidence that the coins held by CoinHako are protected with an insurance-based offering and secured with the industry's best practices and technologies. This is a big step forward for the industry.”
Apart from protecting the bitcoins of CoinHako’s users from hacking and theft, BitGo’s multisig wallet protection service also provides risk management controls, transparency and internal checks and balances to allow the monitoring of its reserves. But regardless of the protection of BitGo, users are still encouraged to enable 2FA and to use strong passphrases.
BitGo CEO Mike Belshe announced:
"We're excited to have CoinHako's Bitcoin exchange secured on our platform. The team at CoinHako has been a great development partner, and we fully support their focus on security as one of the core tenets of their business. I'm confident that they will be a great contributor to the Singaporean bitcoin ecosystem."
Originated from Silicon Valley, CoinHako provides its users in Asia with easy access to bitcoin. The company is currently in Singapore solidifying the “basic infrastructure for the ecosystem." Due to its simplicity and the multiple layers of security, CoinHako is the easiest way to purchase or sell bitcoins in Singapore.
CoinHako also helps security consultancies that are in need of assistance for Bitcoin technologies, as Gerry Eng, CTO of CoinHako states,
“Adopting industry best practices is at the core of what we do. On top of offering a top-notch Bitcoin service for users in the region, we want to share our expertise of the blockchain with businesses, government agencies, as well as the Interpol.”
The integration of BitGo’s multisig, institutional wallet protection service will help CoinHako to establish their infrastructure as a Bitcoin wallet and exchange, and may help the company expand its exchange services throughout Asia.
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