CoinHako, which bills itself as “the easiest way to buy and sell Bitcoins in Singapore,” is now also the safest way to store them, as they have contracted with BitGo to secure their wallet. BitGo, as CCN readers may be aware, is the world’s leading secure Bitcoin wallet, insured by XL Group.
CoinHako was excited to announce the new partnership, which will insure their customer’s holdings against loss by theft or hacking. In a press release this morning, they said:
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.
Asia is one of the largest marketplaces in the world, and Bitcoin has recently played a major role in the financial markets there. To add to that, some of the largest Bitcoin mining outfits in the world are based in China, and government regulators have decided to look the other way for the present.
Those interested in Bitcoin in Singapore who may not have the resources to properly to secure their coins will now have a secure option for storage. CoinHako, in practice, functions much the same as CoinBase does for American customers, allowing people in Singapore to convert fiat currency instantly to Bitcoin, and vice versa.
CoinHako CEO Yusho Liu said,
“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.”
BitGo was also proud of the partnership, with CEO Mike Belshe adding, “I’m confident that [CoinHako] will be a great contributor to the Singaporean Bitcoin ecosystem.”