Bitcoin Exchange CoinHako gets insured. Boosts confidence and sets security standards in the region

By: coinhako.com
 
RAFFLES PLACE, Singapore - April 23, 2015 - PRLog -- Singapore, 24 April 2015 ­ CoinHako is proud to announce that its Bitcoin reserve is now insured by California’s BitGo Inc’s insurance­ based offerings. BitGo's technology is underwritten by A­rated insurer XL Group. This means users’ deposits in CoinHako’s hot and cold wallets are now insured against hacking and theft.

Bitcoin is widely recognised as one of the most significant financial innovations of the twenty­first century. The reputation of the bitcoin industry, however, has suffered due to a series of hacking attacks on notable exchanges such as Mt. Gox and BTER. CoinHako has fulfilled one of its immediate priorities by building on top of the BitGo platform to provide industry­leading security for its users' funds.

“This will give our end users even more confidence that the coins held by CoinHako are protected with an insurance­based offering and secured with the industry's best practices and technologies” said CoinHako CEO Yusho Liu. “This is a big step forward for the industry.”

Can customers finally rest easy?
CoinHako is using BitGo’s proprietary multi­signature wallet protection service, providing its users with the confidence that their bitcoins are safe. The wallet platform will also provide transparency, risk management controls, and internal checks and balances to enable effective monitoring on its reserves. Nonetheless, users are still advised to enact best security practices such as having strong passphrases and enabling 2FA.

"We're excited to have CoinHako's bitcoin exchange secured on our platform", said BitGo CEO Mike Belshe. "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."

What is next for CoinHako and the region?
Besides upgrading core security and expanding reach regionally, CoinHako has noticed a rising demand for blockchain related services, especially in the field of digital forensics. CoinHako regularly contributes its expertise to security consultancies that require assistance in the world of Bitcoin.

“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 block chain with businesses, government agencies as well as the I​nterpol”​­ Gerry Eng, CTO of CoinHako.

Reinvigorated future for Bitcoin
Recently, Massachusetts Institute of Technology (MIT) launched the MIT Digitial Currency Initiative. This effort is being led by former White House advisor Brian Forde at the MIT Media Lab. According to MIT, F​orde will work with researchers across the Institute and leading experts at other universities around the world in a new initiative to address some of the most critical challenges to creating a safe, stable, and secure digital currency.

“We are heartened to see the latest initiative led by MIT Media Lab. The effort provides a strong, much­needed boost of credibility and stake in the cryptocurrency community. The world will continue to see some of the best minds of our age working to materialize the promising future of digital currencies, now being led by an institution of repute for academic rigor and excellence. At CoinHako, we are excited to continue exploring new frontiers and undertake development projects to make Bitcoin as well as its underlying blockchain a norm in our society” ­ Pramodh Rai, Lead Software Engineer at CoinHako.

About
CoinHako makes Bitcoin simple and accessible for people in Asia. The team started out in Silicon Valley, and are back in Singapore laying out the basic infrastructure for the ecosystem. CoinHako is the easiest way to buy, sell and secure your Bitcoins in Singapore. Their technological capabilities have also attracted financing from Silicon Valley investors, including Tim Draper, Josh Jones and Boost VC.

BitGo is the leader in bitcoin security and a pioneer of multi­sig technology. The company offers BitGo Enterprise, an enterprise­grade, multi­sig, multi­user bitcoin wallet, and BitGo Platform API, a robust set of tools and services to access the underlying platform. BitGo was founded by veterans in online security, digital currency, and financial technology. The company has raised more than $14 million in financing from elite Silicon Valley venture capitalists and angels.

For further enquiries, please contact: Yusho Liu
Mobile: +65 93861250
Email: y​usho@coinhako.com

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Tags:Bitcoin, Fintech, Startup, Internet, Insurance
Industry:Financial, Internet
Location:Raffles Place - Singapore - Singapore
Subject:Partnerships
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