Digital asset protection technology company Coincover has won £25 million backing led by a Silicon Valley VC.
The Cardiff-based firm’s platform protects crypto users and investors from theft, user error and infrastructure failure. It claims to utilise military-grade technology to recover access to lost funds.
Founded in May 2018, its platform combines a policy underwritten by Lloyd’s of London with technology created by specialists across government, military and law enforcement, giving access to secure backup and recovery of private keys with government-standard security protocols.
The funding was led by Silicon Valley’s Foundation Capital with follow-on investment from CMT digital. The fresh capital will accelerate recruitment, product updates and partnerships to safeguard the crypto ecosystem.
“We’re delighted to partner with Foundation Capital, a firm with an unparalleled reputation for helping businesses scale to support customer growth,” said David Janczewski, CEO and co-founder.
“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.”
The company already works with more than 300 businesses, from exchanges and wallets to hedge funds, family offices and banks. It also works directly with a number of digital asset custodians to help them keep their clients safe. Current customers include Fireblocks and Bitso.
Charles Moldow, general partner at Foundation Capital, added: “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.”