Coincover, a UK-based digital asset protection provider, has raised $30 million in a funding round led by Silicon Valley’s Foundation Capital.
Coincover is tackling one of the biggest issues in digital assets: trust. The firm says it has developed unique technology that shields assets for crypto companies and individual investors.
Monitoring and analysis systems identify suspicious transactions, while the firm also offers compensation for some hacks because its technology is insured. Finally, an end-to-end encrypted vault offers secure storage.
The firm was founded in 2018 by David Janczewski and Adam Smith, who met when working together at The Royal Mint to digitise gold for the UK government.
Coincover 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.
The new funding will go towards recruitment, product updates and building partnerships.
Says Janczewski: "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."