GateHub Launches ‘Wallet Protect’ for XRPL Users

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In Brief
  • In collaboration with Coincover, GateHub has unveiled a new product called Wallet Protect.

  • The service aims to provide safe custody for holders of XRP up to $100,000 per wallet.

  • Holders of digital assets and other financial instruments will be able to use the service for settlements.

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Digital currency and gateway provider, GateHub, in collaboration with crypto safety standard firm, Coincover, has announced Wallet Protect.

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The launch will provide improved security solutions for XRP Ledger (XRPL) wallets. According to a recent blog post, the service will accommodate over 1.5 million GateHub customers and become the largest XRPL portal. 

GateHub Reveals the Launch of Wallet Protect

The development will allow for settlements across various mediums, including cash payments, commodity assets, and digital currencies. 

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These security features could prove helpful as users will not lose access to their cryptocurrency holdings, even if they lose their keys. All without the need for a third party. Founder and CEO of GateHub, Enej Pungerčar, stated:

“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.”

He continues:

“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.”

Coincover CEO David Janczewski also expressed his excitement about the collaboration, particularly since GateHub will provide safety standards from the platform via the product release.

He added that this signified a period of progress for both companies as the partnership would build a strong foundation for providing additional security for digital asset users.

Wallet Protect will offer its services in two categories: one for customers with $10,000 and the second for those with $100,000. This will be the limit.

A Glimmer of Hope for XRP

The update appears to contrast with previous events as most crypto outfits have been scrambling to dissociate themselves from XRP. The recent Ripple lawsuit has brutally battered the digital asset.

Will the news create better exposure for the remittance token? XRP has been battling Polkadot for fourth position in the market capitalization rankings. In the face of delistings and dissolved relationships with XRP, GateHub appears to be undeterred in its support.

According to a previous report, the cryptocurrency payment provider, whose platform uses the XRP ledger, maintained that it would not delist the digital asset until a definite ruling is reached by the court.

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