UK-based Coincover has received $30 million in a round led by Silicon Valley-based Foundation Capital to further expand its digital asset security platform.
Coincover's crypto protection platform safeguards traders protecting them from digital asset theft and allowing authentication keys to be copied into storage. It works with intermediaries in the bustling crypto market space, giving clients a jump on the competition. As a final resort, the protections offered by its platform are backed by crypto insurance policies.
Founded in 2018 by CEO David Janczewski and CTO Adam Smith, the Cardiff, Wales-HQed startup aims to resolve crypto's long-standing security conundrum. Public goodwill has diminished due to high-profile crypto thefts, hindering adoption.
Janczewski and Smith met while working for the UK's Royal Mint to digitise gold, where they were soon confronted by the need for stringent backup and recovery options.
Some five years later and more than 300 clients are using Coincover's platform, from crypto exchanges to wallet providers, but also institutional investors aiming to defend digital holdings.
Coincover also works in partnership directly with digital asset custodians, already tasked with securing crypto money and ensuring trades are facilitated correctly. For instance, Coincover has teamed with Fireblocks, an institutional digital asset custodian, and the crypto superapp Bitso.
David Janczewski commented: "We’re delighted to partner with Foundation Capital, a firm with an unparalleled reputation for helping businesses scale to support customer growth.
"At Coincover, we’re proud to prevent users from losing access to their cryptocurrency, whether that be through a mistake or the misfortune of being targeted by malicious online hackers."
Furnished with additional funds, Coincover now proposes to double down on recruitment, product updates and partnerships.
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