Published Oct 03, 2023 21:08
Unchained, a leading company in the cryptocurrency sector, has announced the expansion of its collaborative custody network by incorporating Coincover, a firm known for insuring more than 5 million cryptocurrency wallets. The announcement was made on Tuesday, indicating a significant enhancement to Unchained’s custody services.
The inclusion of Coincover into Unchained’s network bolsters the company’s custody offering that now protects over $2 billion worth of Bitcoin. This represents a substantial 37% growth year-over-year since October 2022. The firm caters to a diverse clientele including institutional investors, corporate treasuries, governments, and retail customers.
Unchained utilizes a multi-signature model, leveraging Bitcoin’s decentralized nature to provide robust security. The CEO of Unchained, Joe Kelly, emphasized the importance of strong custody solutions in the wake of issues experienced at Prime Trust and Fortress Trust.
In addition to enhancing security, this collaborative initiative also aims to mitigate risks such as rehypothecation and single points of failure. Dhruv Bansal, co-founder of Unchained, expressed concerns about the trust placed in single custodians in a future where Bitcoin’s value could potentially reach $1,000,000 per coin.
The integration of Coincover into Unchained’s custody network marks a significant step forward for the company in providing secure and reliable cryptocurrency services.
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Written By: Investing.com