Blockchain protection company Coincover has partnered with two Canadian crypto trading platforms, VirgoCX and Netcoins, to provide its security measures for its customers’ assets.
Coincover’s security solutions will enable VirgoCX and Netcoins to deploy a protection platform that is specifically designed for the crypto market to protect customers from illicit activity, such as fraud, scams, hacks and other attacks.
Steve Bie, Chief Compliance Officer at VirgoCX, said: “We’re thrilled to be working with Coincover to offer our clients that added reassurance surrounding their digital assets. Our partnership ensures protection from business theft that will safeguard users from hacking and other forms of cybercrime in a crisis.
“As crypto becomes more embedded into our financial ecosystem, it is vital that users feel their funds are as safe as they are in fiat institutions.”
Coincover’s solution will also help VirgoCX and Netcoins comply with regulatory requirements in regard to asset protection.
With the Canadian Securities Administrator recommending crypto-asset companies protect customers against losing assets due to cyber and crime threats, Coincover’s risk management platform guides VirgoCX and Netcoins in meeting requirements and building their own standard of protection.
Fraser Matthews, CEO at Netcoins, commented: “There is a significant amount of interest in cryptocurrency in Canada; as interest grows, so do the challenges, particularly around safety and security.
“Coincover’s solutions provide a game-changer in keeping crypto safe, ensuring we can access our clients’ assets even if the worst does happen. This extra layer of protection increases the resiliency of our business, significantly reduces the risk for users and helps attract high-value customers to our platform.”
Coincover has expanded its partnerships to protect the crypto ecosystem and the addition of VirgoCX and Netcoins to its client roster helps support its goal of creating a secure environment for users of crypto in Canada and the rest of the world.
Digby Try, SVP Commercial at Coincover, added: “Beyond the financial impact, reputations are needlessly ruined by instances of loss or theft, which damages confidence in the market. This is particularly the case in Canada, which is home to a burgeoning crypto industry but where security remains a paramount concern for users.
“Our cutting-edge risk protection ensures that, even in the event of a breach, your exchange can maintain trust and confidence with its customers. Having VirgoCX and Netcoins on board represents another major milestone in our mission of enabling crypto users to thrive and live safely in a blockchain enabled world.”