Coincover, a UK-based digital asset protection provider, has successfully raised $30 million in a funding round led by Silicon Valley’s Foundation Capital.
The company addresses a critical issue in the digital asset space: trust. Coincover has developed innovative technology designed to protect assets for both crypto companies and individual investors. Their monitoring and analysis systems track suspicious transactions, and the firm provides compensation for certain hacks, thanks to their insured technology. Additionally, they offer a secure, end-to-end encrypted vault for safe storage of digital assets.
Founded in 2018 by David Janczewski and Adam Smith, who first collaborated while working at The Royal Mint to digitize gold for the UK government, Coincover has quickly become a trusted partner for over 300 businesses. Their clients range from exchanges and wallets to hedge funds, family offices, and banks. They also collaborate directly with various digital asset custodians, including notable customers such as Fireblocks and Bitso, to enhance client security.
The newly raised funds will be allocated toward recruitment, product enhancements, and building partnerships. Janczewski stated, “In the wake of a challenging year for the crypto market, Coincover is in high demand, as businesses and consumers scramble to safeguard their digital assets. Through this new funding, we can supercharge our service for all existing and future customers, thus contributing to a better and more mature digital asset ecosystem.”