Yes, Cova colors is acrylllic paint for almost $5 a 1.5oz bottle (I hope I'm not wrong here).
There's a huge market with paint that can be used, example Plaid has a line of 'Folkart' acryllic paint that is way better then you might think for around $1,99 2oz bottles or @2.99 for the metallic line. I have used these a lot, I personally only use white/black and red at occasions and the metallic line, they all seams to hold upp just fine for the job even on a fairly long time basis, I have not done leatherwork long enough to have decades of experiences yet :-)
Then there's Angelus leather paint too...Very nice and pigment strong acryllic paint made for leather, 1oz $2 and 4oz $5 at turtlefeathers.net for example.