Coincover raises $30 million
UK-based Coincover, which offers crypto protection for companies and private investors, has closed a $30 million Series B round led by Foundation Capital, with participation from CMT digital.
Founded in 2018 and launched in 2019, Coincover provides digital asset protection and it currently serves 300+ businesses, from exchanges and wallets to hedge funds, family offices, and banks. One product the startup offers is theft protection, a tech solution that optimizes transaction authorization settings and uses behavioral analysis to reduce the risk from malicious access to wallets. Coincover has insured its theft prevention technology and if someone steals a customer’s funds using an attack its tech is designed to prevent, the startup could offer compensation. However, Coincover cannot guarantee all claims on its insurance policy will be successful since their policy is subject to standard limitations and exclusions of liability.
“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. 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 – building a better and more mature digital asset ecosystem in the process.” – David Janczewski, CEO and co-founder of Coincover.
“After a tumultuous year for digital assets, investing in Coincover was a no-brainer. The brand offers assurance in a fast-paced market. This new funding will accelerate recruitment, product updates, and partnerships to safeguard the crypto ecosystem. With $3 billion stolen in hacks last year and 2023 set to see the arrival of crypto regulation, the opportunity is vast.” – Charles Moldow, general partner at Foundation Capital.
