By Darren Parkin
Asset protection technology company Coincover has been handed $30 million in funding led by Silicon Valley’s Foundation Capital.
The fresh capital injection will accelerate recruitment, product updates, and partnerships in the Cardiff-based firm’s quest to safeguard the crypto ecosystem by preventing, compensating, and protecting against crypto threats.
Founded in 2018 and launched in 2019, Coincover provides digital asset protection that addresses the biggest barrier to mainstream adoption: trust. Security issues and the ever-changing threat landscape have dominated the global perception of digital assets – a perception challenged by founders David Janczewski and Adam Smith.
Coincover already works with more than 300 businesses, from exchanges and wallets to hedge funds, family offices, and banks. The firm also works directly with a number of digital asset custodians.
Before Coincover’s inception, 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. 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.
“We’re delighted to partner with Foundation Capital, a firm with an unparalleled reputation for helping businesses scale to support customer growth,” said CEO David Janczewski.
“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. 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: “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.”
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