London-based digital asset protection firm Coincover has secured $30 million (£25m) in a funding round led by Foundation Capital with additional investment from CMT Digital.
The company plans to use the funds to scale its operations, increase recruitment, and develop new products that strengthen the security of the cryptocurrency space.
Coincover launched in 2019 with the goal of improving trust within the digital asset sector. It already works with more than 300 business from across the crypto ecosystem, including exchanges, wallets, hedge funds, offices, banks, and digital asset custodians.
As Coincover sees it, cyber risks and human error threaten the future of the digital asset industry, but it believes it has a comprehensive solution to help protect businesses.
The company’s range of protection products aim to not only reduce the risk of transferring and storing cryptocurrency but also change perceptions surrounding digital assets and improve industry confidence.
Speaking on the new funding, Coincover co-founder and CEO David Janczewski said: “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.”
“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.”
Despite a difficult past year for crypto, projects in the web3 space have continued to raise substantial amounts of capital as they look to innovate and revitalise the sector.
Charles Moldow, general partner at Foundation Capital, touched on this point: “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.”
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