CoinHako, a Singapore-based Bitcoin exchange, recently announced its partnership with BitGo and has integrated the latter’s digital currency security platform and insurance offering to further improve its Bitcoin services in the Asian market.
Functioning like Coinbase, CoinHako allows Asian countries, particularly Singapore, to instantly convert fiat currencies to Bitcoin and vice versa.
Asia is now progressively penetrating the core of the Bitcoin industry by gradually tapping into the cryptocurrency’s system. To date, Asians have integrated Bitcoin into their financial systems, and the digital currency already plays a major role as one of the world’s largest marketplaces.
In addition, China has been housing some of the largest Bitcoin mining groups in the world, making the virtual currency in a good shape in the region.
Partnership positively impacts the Asian market
Following the recent security breaches regarding Bitcoin, the flagship goal CoinHako-BitGo partnership is to completely eliminate anomalies in the Bitcoin security system.
Together with the announcement of the companies’ partnership, a press release from CoinHako was made public stating:
“We believe this is a big step forward for the industry, given the recent occurrences in other exchanges like Mt. Gox. Our efforts to step up security and safety for users align with a major initiative in the launch of Smart Nation Programme in Singapore.”
BitGo functions as a digital currency security platform with services such as Bitcoin insurances against theft and hacks, multi-signature wallets, and a clear and transparent monitoring of Bitcoin exchanges backed with improved systems interface.
The security firm’s insurance offering covers up to $250,000 of losses for all BitGo customers. Clients are also given the option to increase the amount with a one-percent flat fee.
According to BitGo CEO Mike Belshe, his platform’s system definitely complements CoinHako’s services, with its revolutionary security technology.
“The first thing users should do is make sure they are using an exchange that’s backed by the best technology – and using multi-signature wallets like those BitGo offers is one of the key tenets of putting this into practice.”
On another note, CoinHako CEO Yusho Liu is with high confidence that his company’s integration with BitGo is providing his customers with the best Bitcoin safeguard the world has to offer.
“This will give our end users even more confidence that the coins held by CoinHako are protected with an insurance based offering and secured with the industry’s best practices and technologies.”
Asia starting to welcome Bitcoin casino with open arms
Asia is regarded as one of the more conservative countries when it comes to new innovations. One example of this trait is shown in Singapore. A law was passed that eliminates Singaporeans’ access to online betting sites.
However, Bitcoin minorities such as CoinHako continue to pursue the development of Bitcoin and spread its advantages toward the nation. Moreover, in line with these developments is the acceptance of platforms such as Bitcoin casinos.
That being said, Bitcoin casinos are positively thriving in the midst of certain limitations.
For instance, Casino178, a Bitcoin casino based in Vietnam, has Asia as its major client, providing it with a variety of Bitcoin games that range from slots, table games, and others. The stoic reception of authorities does not hinder the growing population of its users, proving that Bitcoin casinos still have their ground in the entire region.
With ongoing developments in the Bitcoin field, it would not take long before Asia will be one of the leading Bitcoin players in the industry, especially on the gambling scene.