Coincover Raised $30m to Keep Your Crypto Funds Safe.
Coincover addresses one of the most pressing concerns in digital assets: trust. The company claims to have created proprietary technology that protects assets for crypto firms and individual investors and has secured $30 million in a funding round by Silicon Valley’s Foundation Capital.
Monitoring and analysis tools detect unusual transactions, and the service compensates victims of some attacks since its equipment is insured. Finally, an encrypted vault provides safe storage.
David Janczewski and Adam Smith launched the company in 2018 after meeting while working together at The Royal Mint to digitize gold for the UK government. Coincover already has over 300 clients, ranging from exchanges and wallets to hedge funds, family offices, and banks. It also collaborates with various digital asset custodians to assist them in keeping their clients safe. Fireblocks and Bitso are two of the company’s current clients.
The increased funds will be used for recruiting, product upgrades, and relationship development. According to Janczewski, Coincover is in high demand following a challenging year for the crypto market as businesses and consumers seek to protect 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.”