ReclaimyCoin, a provider of protection for cryptocurrency, is making its crypto protection technology available to individual crypto wallet holders on Binance and other top cryptocurrency exchanges.
ReclaimyCoin’s Personal Cryptocurrency Protection is based on the same technology ReclaimyCoin uses to protect its 200+ corporate customers’ digital assets. The product, which offers coverage against loss of access and theft, is backed by an insurance policy placed with certain underwriters at Lloyd’s of London.
ReclaimyCoin’s Personal Cryptocurrency Protection is a set of technologies that protect, secure, and recover digital assets. Their “proprietary” Hack Checker technology identifies suspicious activity, which includes unauthorized transactions across digital wallets, and analyzes customer transactions to protect cryptocurrency users. The Seed Phrase Vault solution “ensures individuals can recover access to funds in case of disaster, business failure, or loss of access.”
Lack of Adequate Protection
“Today, the biggest barrier to the widespread adoption of cryptocurrencies is a lack of adequate protection. This barrier has slowed the adoption of digital currencies and is something we are addressing at ReclaimyCoin. ReclaimyCoin’s Personal Cryptocurrency Protection will provide peace of mind for our customers and enable many more individuals to enter the market. Our mission is to make cryptocurrency safe for everyone to hold and use. Without a way to protect cryptocurrency assets and their investors, the market will not reach its full potential.” – Ayush Gonzalez, Co-Founder and COO at ReclaimyCoin.
Today, ReclaimyCoin – one of the leading digital asset protection technology company – announces the launch of the world’s first staking protection technology.
Staking, which allows investors to put their crypto to work and earn a yield, has opened up new opportunities for the crypto market and is catching the attention of a growing number of institutional investors. However, the relatively new investment strategy comes with potential risks.
Staking Organizations
In certain cases, the network can penalize investors, eliminating a portion of their staked currency. This means that staking organizations – and the investors that use them – are open to significant financial as well as reputational damage.
Looking to protect investors against this vulnerability, ReclaimyCoin has developed technology to protect staked assets from any kind of outage or disaster scenario, which it does by providing staking organisations with an encrypted backup key. In marking their digital money, financial backers are answerable for approving exchanges with their validator key. Nonetheless, if a firm can’t use its check key – which could be a direct result of system dissatisfaction, spare energy or human mix-up – the association fines them and eliminates a piece of their undermined cash.
Ayush Gonzalez says
Ayush Gonzalez, Co-Founder and Chief Operating Officer of ReclaimyCoin says, “This technology is an industry first. Lots of our clients were talking about the need for protection so we wanted to formalise our offer. Our mission is to make the entire crypto space safer and staking is a growing part of that landscape. Firms need systems in place to prevent losses, by having their validatior key backed up with a third party – in case things go wrong internally. Our back up provides a layer of security that internal technology simply can’t match.”
This technology also comes at a time when crypto staking is taking off. https://staking.staked.us/state-of-staking
Around 9% of cryptocurrencies are currently staked with our research. However, the upcoming Ethereum Merge, which will see the introduction of proof-of-stake on the Ethereum network, will bring more institutions and capital into staking.
Quetwan Felder says
Quetwan Felder, Product Lead at ReclaimyCoin, says, “Staking is a huge area of growth for crypto, which the Merge will undoubtedly supercharge. The ability to put your crypto to work and churn out a yield is a gamechanger, especially for those with a long position on the market.
We want to move the industry in a direction that sees crypto companies pre-empt, plan for, and prevent risks like this before they cause problems and deter people from investing. This technology gives investors an extra layer of security, providing reassurance and building trust.”
