Coincover announced $30M in funding, “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 – preventing, compensating, and protecting against crypto threats.”
Founded in 2018 and launched in 2019, they “provide digital asset protection that addresses the biggest barrier to mainstream adoption: trust.”
For years, security issues and the ever-changing threat landscape “have dominated the global perception of digital assets.”
At Coincover, they challenge this perception by “providing businesses, infrastructure providers, and consumers with access to products that proactively protect them from both hackers and human error.”
They already work “with more than 300 businesses, from exchanges and wallets to hedge funds, family offices, and banks.”
They also work directly “with a number of digital asset custodians to help them keep their clients safe.”
Current customers “include Fireblocks, Bitso, and many more.”
By dramatically “reducing the risk of moving and storing cryptocurrency – stopping scammers and fraudsters in their tracks – they provide the foundations upon which the sector can mature by changing perceptions and winning widespread trust.”
Before Coincover’s inception, their co-founder and CEO David Janczewski “spent five years working in blockchain at The Royal Mint for the UK government.”
During his time there, he “defined and created a digital gold currency in conjunction with CME Group, the world’s largest commodity derivative exchange.”
Their co-founder and CTO Adam Smith previously “ran a successful cybersecurity consultancy with cryptocurrency, government, law enforcement, and defence clients. At Coincover, he focuses on engineering for safety at scale.”
The new funding will “accelerate customer adoption, ensuring Coincover can aid any digital asset business or individual that needs protection.”
The alternative is struggling “with disaster recovery solo, which typically necessitates a vault, multiple trained operators, separate insurance, technical expertise, training, testing, and high-security hardware – a nearly impossible arsenal for any business to assemble without support. Coincover’s offering includes all of the above at a fraction of the cost.”
David Janczewski, CEO and co-founder of Coincover, said:
“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.”
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.”