XLink Joins Forces with Cobo and Coincover to Drive Bitcoin’s Evolution into DeFi Using MPC Custody Technology and Disaster Recovery Capabilities
Singapore, Singapore, May 1st, 2024, Chainwire
XLink has partnered with digital asset custody provider Cobo and UK-based Coincover to enhance crypto management and establish new security standards in the blockchain industry. This collaboration is a key part of XLink’s strategy to grow its influence in the Bitcoin decentralized finance (DeFi) space. It aims to transform Bitcoin’s DeFi integration by leveraging Cobo’s MPC custody technology, XLink’s liquidity solutions, and Coincover’s disaster recovery services.
XLink enhances Bitcoin functionality across multiple blockchain networks, facilitating seamless liquidity and smart contract interactions. This significant partnership incorporates leading security technologies to safeguard digital assets against hacking, thefts, and human errors, addressing critical security challenges in the DeFi space.
Cobo’s proven MPC custody technology is designed to eliminate vulnerabilities, safeguarding digital assets from both external hackers and internal breaches. The MPC Co-Managed Custody solution employs a sophisticated Threshold Signature Scheme (TSS), in which private key shares are generated independently in secure environments, encrypted, and distributed among several parties. These parties collaboratively sign transactions while maintaining the confidentiality of their individual key shares, thereby eliminating any single point of failure.
By integrating Cobo’s advanced MPC technology, XLink ensures unmatched security management of digital assets on its platform, preventing unauthorized access and enhancing trust. Coincover’s disaster recovery services provide an essential safety net, ensuring operational continuity during any unexpected disruptions. Together, these technologies strengthen XLink’s commitment to deliver secure, reliable DeFi services.
“We are thrilled to partner with XLink and integrate our MPC technology into their DeFi platform,” said Dr. Changhao Jiang, CTO and Co-Founder of Cobo.” This collaboration with both XLink and Coincover not only solidifies our position in the Bitcoin Layer 2 landscape but also establishes new benchmarks for security practices within the blockchain industry.”
Dr. Chan Ahn, CTO and Co-founder of XLink, added, “By uniting with Cobo and Coincover, XLink is poised to become the liquidity hub of Bitcoin DeFi, reshaping its ecosystem by delivering unparalleled security and an exceptional user experience. With the advanced security technologies and protections in place, we are excited to unlock the full potential of Bitcoin and usher in a new era of DeFi.”
“Our mission at Coincover is to create a secure environment for users of crypto and blockchain. We are excited to collaborate with XLink alongside our longstanding partner, Cobo, to bring our leading disaster recovery technologies to the Bitcoin layer 2 and DeFi landscape, ensuring operational continuity at all times and instilling confidence among users,” said Alex Saleh, Head of Partnerships at Coincover.
About XLink
XLink, a subsidiary of ALEX—the leading DeFi platform on Bitcoin—stands as the first intent-based omnichain Bitcoin liquidity network that facilitates broad Bitcoin utility across various blockchain platforms. Launched by industry veterans from top financial institutions, XLink is pioneering the integration of Bitcoin into DeFi by simplifying cross-chain liquidity with innovative technology, providing users with a seamless experience of Bitcoin-enabled financial services. The platform strategically utilizes intent-based mechanisms to dynamically route Bitcoin liquidity, addressing the need for greater interoperability and efficiency in digital asset transactions. As a leading force in the DeFi landscape, XLink is dedicated to reshaping financial interactions by making them more decentralized, transparent, and accessible to a global audience. Expanding beyond traditional confines, XLink not only embraces all relevant blockchain technologies but also drives innovation with a commitment to ensuring that Bitcoin plays a pivotal role in the evolving digital economy.
For more information, users can visit www.xlink.network.
About Cobo
Cobo is a globally trusted leader in digital asset custody solutions. As the world’s first omni-custody platform, Cobo offers a complete range of solutions – from custodial wallets to non-custodial wallets, including MPC and smart contract wallets, as well as Wallet-as-a-Service, an on-chain digital asset management platform (Argus), and an off-exchange settlement network (SuperLoop). Trusted by over 500 institutions with billions in assets under custody, Cobo inspires confidence in digital asset ownership by enabling safe and efficient management of digital assets and interactions with Web 3. Cobo is ISO 27001 and SOC2 (Type 1 and Type 2)-certified, and licensed in 4 jurisdictions. In recognition of its industry-leading innovations, Cobo has earned accolades from Hedgeweek, Global Custodian, among others.
For more information, users can visit www.cobo.com.
About Coincover
Blockchain technology is changing everything. However, it brings its own set of unique risks. Coincover exists to ensure everyone is protected, enabling them to innovate freely, without constraints. Coincover provides a complete blockchain protection solution, addressing the most significant barrier to mainstream adoption: trust. Coincover’s protection solutions ensure that access and assets are never lost. Founded in 2018, Coincover is backed by leading fintech and blockchain investors. Today, Coincover helps over 350 of the biggest names in blockchain, including Cobo, protect themselves and their customers from theft, hacking, and human error.
Users can visit www.coincover.com for more information.
