AIKON & Coincover Partner to Offer Multisig Wallets With Integrated Theft Cover

A rapidly increasing number of corporate investors has started allocating their resources towards buying digital assets and cryptocurrency. We might even say that building company reserves in crypto has become mainstream in the last few months. 

Many were surprised to hear MicroStrategy putting down over $1billion in Bitcoin in late 2020, but the trend has definitely continued with Tesla surpassing the amount just this week and driving the price of Bitcoin to a new all-time high.  

However, as will all new things, the worry remains — how can you be sure you won’t be defrauded at some point? Is there such a thing as cryptocurrency theft insurance and who is it intended for? 

Decentralized finance has opened the gates to managing one’s crypto/digital assets in a completely new manner — without the need for a central financial institution. In the DeFi space, there is no central bank controlling the transactions and keeping records — it’s all in the hands of the blockchain participants.  

It allows for a variety of virtual currencies to be used in a more democratic way, to transcend the geographical boundaries that traditionally slow down money movement. 

In DeFi applications, like Uniswap or AIKON partner Alliance Block, holders of cryptocurrency become lenders or market makers and earn fees that would normally be given to banks in the world of traditional finance.

But, most crypto users are still wondering how secure their funds really are — corporate entities are especially concerned about attaining crypto protection for their assets. Not that it has deterred the public’s interest in digital assets no matter how volatile their nature is. 

However, with institutionalized entities entering the game — and vast sums of money with them — assessing the risks of crypto has become significantly more important. 

In one of their risk reports, Lloyd’s of London has identified the six biggest Bitcoin theft insurance threats

  • Flawed key generation — allowing hackers to decrypt private keys
  • Transaction malleability — tricking users into sending a payment multiple times
  • 51% attack — a mass computing attack overpowering an entire blockchain
  • Sybil attacks — surrounding one network node with malicious ones for manipulation
  • DDoS attacks — shutting down a network by bombarding it with fake requests
  • Consensus of fork risk — splitting one currency into two causing disarray

All of these risk factors have formed a base for creating a holistic crypto insurance policy for companies coming onto this market. 

Moreover, they have also helped to identify the best practices for securing digital assets, including the following ones: 

  1. Multisig and control persons — distributing transaction authority to multiple individuals
  2. Cold storage — storing private keys offline
  3. Server-side security — utilizing industry techniques
  4. Non-custodial or hybrid wallets — without storing private keys with 3rd-parties

After meeting with other crypto protection companies in the market, it has become clear that Coincover was the ideal partner for AIKON in providing a powerful and easy-to-use insurance-backed guarantee for corporate investing.

Therefore, our soon-to-be-released product — ORE Vault — will include Coincover’s crypto asset protection to complement our premium feature set. 

  1. Direct ownership of crypto assets, passcodes, and private wallet keys provided by AIKON via non-custodial and hybrid wallets 
  2. Built-in multisig feature allocating transaction authorization to multiple team members — also in ORE ID
  3. Blockchain-innate personal information and fund security 
  4. FCA regulated crypto protection backed by Lloyd’s of London enabled through our partnership with Coincover. 

With ORE Vault, companies will be able to manage numerous shared crypto wallets on multiple blockchains easily and effortlessly. Furthermore, each department within your company will have the option not only to use their own non-custodial crypto wallet but also to do so in alignment with their own needs and requirements. 

Having multiple people authorizing each transaction, and with various different policies in place, we’ve thought it crucial to implement the highest possible level of crypto protection. 

If you’re looking to entrust your digital asset safety to the experts, look no further than AIKON and Coincover. 

Contact us today

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About AIKON

AIKON, a San Francisco-based VC-backed firm, was founded in 2017 with the goal of enabling the digital asset economy and empowering users from all over the globe by securing their personal information via blockchain. 

AIKON has developed the Open Rights Exchange (ORE) protocols to manage access to digital rights and access, and has been enabling mainstream blockchain adoption with its ORE ID secure identity service. With ORE ID, AIKON aims to foster a new era of secure identities that protects users and their data, powered by the blockchain. 

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