TLDR:
- Partnering with Coincover, Canadian exchanges VirgoCX and Netcoins are elevating their security standards.
- The collaboration is geared towards shielding customers' digital assets against hacking, access loss, and deceptive activities.
- Coincover equips exchanges with advanced protection mechanisms that far exceed regulatory benchmarks.
- The stark reality: crypto sector suffered losses totaling $572 million in Q2 2024, predominantly due to exchange breaches.
- Crypto engagement in Canada has skyrocketed by a substantial 213% since 2019.
Canadian cryptocurrency exchanges VirgoCX and Netcoins They've formed a strategic alliance with a leader in blockchain security technology. Coincover Aiming to provide a fortified digital safe haven for their clientele.
Protecting Customer Assets
Coincover's alliance with two Canadian crypto exchanges aspires to shield customers from a plethora of risks, including hacking, access issues, and fraudulent schemes.
By utilizing Coincover’s tech, exchanges can spot and thwart dubious actions, including potential insider threats, before they become severe.
This strengthened security approach is timely, in light of the recent uptick in crypto-related financial losses.
In the second quarter of 2024, the crypto domain experienced significant financial setbacks. saw losses amounting to $572 million An alarming 70% of these deficits were linked to breaches at centralized exchange platforms.
The stakes are even higher in Canada, given its 213% surge in crypto adoption since 2019.
Regulatory Compliance and Beyond
This partnership transcends mere asset protection, as it also aligns with, and even exceeds, regulatory mandates.
The Canadian Securities Administrator urges crypto firms to shield clients against asset threats stemming from cyber-attacks and criminal endeavors.
Through Coincover’s management platform, VirgoCX and Netcoins can not only meet but outdo these guidelines, setting new protection norms.
Netcoins CEO, Fraser Matthews, underscores the partnership’s pivotal role in addressing Canada's burgeoning crypto interest and the accompanying security hurdles.
He remarked that Coincover’s innovations are revolutionary for crypto security, ensuring client access even under dire circumstances.
Echoing this sentiment, VirgoCX’s Chief Compliance Officer, Steve Bie, expressed his excitement about the partnership, noting the peace of mind it brings to their users regarding the safety of their crypto holdings.
He stressed the necessity for users to feel their digital finances are as secure as they would be in conventional banks.
