Cobo and Coincover Join Forces with XLink to Drive Bitcoin’s Evolution into DeFi Using MPC Custody Technology and Disaster Recovery Capabilities

  • Cryptocurrencies
  • 02.05.2024 02:50 pm

Cobo, a leading provider of digital asset custody solutions, today announced a strategic partnership with XLink, a pioneering intent-based omnichain Bitcoin liquidity network and a subsidiary of ALEX, the leading DeFi platform on Bitcoin. Alongside Coincover, a UK-based digital asset protection company, this dynamic alliance is poised to transform Bitcoin’s integration into DeFi by leveraging Cobo’s cutting-edge multi-party computation (MPC) custody technology with XLink’s innovative liquidity solutions and Coincover’s robust blockchain protection solutions.

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.

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