Crypto protection firm Coincover raises $30 million

Coincover, a provider of protection and insurance for digital assets, has raised $30 million in a funding round that will be used for hiring, product updates and partnership tracking. The round was led by Silicon Valley investment firm Foundation Capital, according to a press release.

Hackers stole a record $3.8 billion worth of digital assets in 2022, according to a recent Chainalysis report. The biggest victims were DeFi (Decentralized Finance) protocols, and the highest losses came from hackers linked to North Korea.

Coincover’s products offer businesses, infrastructure providers and consumers asset protection – from hackers or human error. The company works with more than 300 companies including Crypto Custodian Fireblocks and Crypto Exchange Bitso. Coincover was also one of the first companies to partner with UK insurance market Lloyd’s of London.

The UK-based company was founded in 2018 by CEO David Janczewski, who worked for the UK government on blockchain at The Royal Mint, and CTO Adam Smith, who ran a cybersecurity consultancy serving crypto, government, law enforcement and defense clients comprised.

“After a challenging year for the crypto market, Coincover is in high demand as businesses and consumers scramble to protect their digital assets,” Janczewski said in the press release. “This new funding allows us to optimize our service to all existing and future customers – while building a better and more mature ecosystem for digital assets.”