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 unauthorised 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.
