January 18, 2021

GateHub launches Wallet Protect to cover up to $1M of cryptocurrency assets per wallet.

GateHub, the multicurrency wallet provider, has today launched Wallet Protect, a new service for XRP ledger wallets that provides back-up key creation, secure key storage, fund recovery and theft cover. These new safety features, which are provided by Coincover, offer peace of mind for anyone looking to guarantee the safety of their cryptocurrency holdings.

With 1.5 million customers, GateHub is one of the world’s largest XRPL gateways, allowing its users to send and receive payments from any supported network and across a range of fiat, cryptocurrency, and commodity assets.

The launch of Wallet Protect demonstrates GateHub’s commitment to protecting its customers’ cryptocurrency assets from loss and theft. The new capabilities include:

  • Back-up key creation: guaranteeing the ability to access cryptocurrency should a wallet holder lose their key.
  • Secure key storage: preventing any third-parties from gaining unauthorised access to keys, using highly secure security protocols and access control.
  • Fund recovery: should it be impossible to access a wallet, either due to customer error or business failure, the user’s cryptocurrency assets will be repopulated to a new wallet, with back-up keys created.
  • Theft cover: if a user’s cryptocurrency were stolen or otherwise compromised and could not be retrieved, Wallet Protect’s insurance policy would provide financial compensation.
  • Transaction screening: transactions are checked against Chainalysis, xrplorer and GateHub fraud lists to make sure your money stays in the right hands.
  • Real-time scanning for suspicious addresses provided by GateHub, xrplorer and Chainalysis as well as emergency recovery of funds.

Enej Pungerčar, founder and CEO of GateHub, said:

With Wallet Protect we are bringing the highest levels of crypto protection to our customers. Through back-up key creation and secure storage, we can remove the anxiety many crypto holders feel about inadvertently and permanently losing access to their assets. And with the added benefit of comprehensive insurance and a deposit protection guarantee, GateHub users can be certain that, whatever happens, they won’t lose out.”

David Janczewski, co-founder and CEO of Coincover, which has developed the safety standard for crypto, added:

We are delighted to partner with GateHub to provide Coincover’s safety standard to its new Wallet Protect product. GateHub customers can now be even more confident that their cryptocurrency is safe and secure. This is an exciting period of growth for GateHub, and through our partnership it’s one that’s built on a solid foundation of security, and which bears the mark that guarantees the safety of its customers’ assets.”

GateHub’s Wallet Protect offers theft cover at three levels: tier one at up to $10,000, tier two at up to $100,000, and tier three at up to $1M.

For more information on GateHub, visit: gatehub.net

To learn about Coincover’s crypto security standard, visit: coincover.com