Crypto protector Coincover raises $30m

The round was led by Silicon’s Valley’s Foundation Capital, with follow-on investment from CMT-digital

Coincover, a UK-based crypto protection provider, has raised $30m of funding. 

The capital will be used to accelerate recruitment, product updates and partnerships, as the fintech seeks to build trust and adoption of digital assets. 

The round was led by Silicon’s Valley’s Foundation Capital, with follow-on investment from CMT-digital.  

Founded in 2018, Coincover provides businesses, infrastructure providers and consumers with access to products that protect their digital assets from hackers and human error. 

Coincover works with more than 300 businesses, including exchanges, hedge funds and banks. It also works with digital asset custodians, including Fireblocks and Bitso.  

Founders David Janczewski and Adam Smith met when working together at The Royal Mint to digitise gold for the UK government. They identified a need to insure digital assets. 

Janczewski commented: “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: “After a tumultuous year for digital assets, investing in Coincover was a no-brainer. 

“With $3 billion stolen in hacks last year and 2023 set to see the arrival of crypto regulation, the opportunity is vast.” 

Image: Coincover  

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.