GateHub And Coincover Launch ‘Wallet Protect,’ A New Insurance Service for XRP Ledger Users
- GateHub announces a partnership with the crypto-security firm, CoinCover to launch Wallet Protect, a new XRP Ledger service offering up to $100k coverage for loss and theft on each wallet. The service will also have a lower tier for XRPL deposits of up to 10k per wallet.
GateHub, a crypto wallet provider, announced the launch of Wallet Protect, an ‘insurance’ service for clients using the XRP Ledger providing “back-up key creation, secure key storage, fund recovery, and theft cover,” a statement from the company read on Tuesday. The service arises from a collaborative effort with CoinCover, a crypto wallet security provider, to offer cover to wallets with a maximum value of $100,000.
The service will have two tiers to cover loss and theft – tier 1 will cover wallet addresses with assets up to $10,000, and tier two will offer protection to addresses with up to $100,000. The first tier's price is $36 per year, and tier 2 costs $288 a year. Early entrants on Wallet Protect will get a discount of $27 and $216 a year on the tiers, respectively.
GateHub, which is built on Ripple’s XRP Ledger, aims to provide a more secure platform for its 1.5 million customers to send and receive payments on the XRPL platform – saving on fees enjoying instant transaction times. Wallet protects aim is to ensure that the customer’s assets are well-protected from any theft and in case of loss of their private key.
The new service will offer “the highest levels of crypto protection” to both retail and institutional investors, Enej Pungerčar, founder and CEO of GateHub, said in a statement. The service will provide a back-up key creation if a customer loses their key, secure the wallet key from third parties and provide theft and loss cover if the wallet is attacked or the user loses their keys, respectively. Pungerčar further said,
“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.”
GateHub also integrated Chainalysis, a blockchain intelligence firm, and xrplorer, XRP’s blockchain explorer, to provide transaction screening. This prevents transactions from being sent to suspicious and flagged addresses to protect clients from dealing with illicit addresses. Additionally, Wallet Protect will provide real-time screening, which is useful in the emergency recovery of funds.