Latin American Exchange Bitso Taps Coincover for Security Services

Bitso will use Coincover’s non-custodial disaster recovery service and its risk engine to monitor outgoing transactions in real time.

Crypto exchange Bitso has partnered with blockchain protection company Coincover to enhance the security of digital assets on its platform.

According to a press release shared with CoinDesk on Thursday, Bitso will integrate Coincover's non-custodial disaster recovery service and its risk engine to monitor outgoing transactions in real time.

Coincover's disaster recovery service will provide Bitso with protection against events such as hacking or lost access to its systems, enabling the exchange to recover users' funds quickly and securely. The service will also allow Bitso to perform planned maintenance on its platform without disrupting customer access to their assets.

Moreover, Bitso will utilize Coincover's risk engine to identify and flag any suspicious outgoing transactions. The engine will continuously monitor transactions based on predefined parameters and notify the exchange's team if any anomalies are detected. This integration aims to prevent unauthorized withdrawals and protect users' funds from theft or loss.

“Latin America has the highest preference for centralized exchanges amongst crypto users in the world," said Digby Try, senior vice president at Coincover, in a statement. "While this is a sign of the industry's growth in the region, it means these exchanges are increasingly becoming the targets for hacks and scams."

Bitso, founded in 2014, is one of the leading cryptocurrency exchanges in Latin America, operating in Mexico, Brazil, Argentina and Colombia. The company claims to have 8 million customers, 1700 institutional clients and more than 500 employees.

Coincover, founded in 2018, provides blockchain protection services to exchanges, custodians, banks and hedge funds. The company claims to have 500 clients, including Fireblocks, BitGo and Ledger.

EDITED BY

Andrés Engler was a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.

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