GateHub launches Wallet Protect to cover up to $100K for XRP ledger wallets

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.

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 unauthorized 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.

“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.”
– Enej Pungerčar, founder and CEO of GateHub

GateHub’s Wallet Protect offers theft cover at two levels: tier one at up to $10,000, and tier two at up to $100,000. All customers are offered a discounted rate of $27 per year for tier one, and $216 per year for tier two until January 31, 2021. Usually, these cost $36 and $288 a year, respectively.

“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.”
– David Janczewski, co-founder and CEO of Coincover


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