XLink has partnered with Cobo and Coincover to reduce risk in the digital asset sector. XLink, a subsidiary of ALEX, is a DeFi platform on Bitcoin.
According to a statement from the firm, approximately $336 million in crypto was lost to scams in the first quarter of 2024 alone, showing there remains a profound need for improved security solutions.
XLink states that by incorporating Cobo’s MPC technology, it will improve security management of digital assets on its platform, preventing unauthorized access and enhancing trust.
At the same time, Coincover’s disaster recovery services provide a safety net, ensuring operational continuity during any unexpected disruptions. The goal is to boost XLink’s ability to deliver secure, reliable DeFi services.
Dr. Chan Ahn, CTO and Co-founder of XLink, explained that by working with Cobo and Coincover, XLink can become the liquidity hub of Bitcoin DeFi, while boosting security.
“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.”
Dr. Changhao Jiang, CTO and Co-Founder of Cobo said the partnership improves their position in the Bitcoin Layer 2 landscape.
Cobo reports that it currently works with more than 500 institutions, securing “billions” in digital assets. The company offers a range of solutions – from custodial wallets to non-custodial wallets, and more.
Coincover provides a blockchain protection solution.
