Coincover secures $30M in funding to strengthen digital asset security

London-based digital asset protection company Coincover has received $30 million in a funding round led by Foundation Capital, with a follow-on investment from CMT Digital.

According to Coincover’s announcement, the funds will used scale its operations, stimulate recruitment, develop new products and form partnerships to help strengthen the security of the cryptocurrency ecosystem, thereby providing even more comprehensive protection for businesses and individuals holding digital assets.

Coincover was founded in 2018 and launched in 2019 with the goal of building trust in the digital asset industry. The company already works with more than 300 businesses, including exchanges, wallets, hedge funds, family offices, banks, and a range of digital asset custodians.

Coincover intends to address the security concerns plaguing the digital asset industry by offering businesses a solution that protects against both cyber threats and human error. Coincover aims to lay the foundation for a more mature and trustworthy sector by reducing scams and fraudulent activities. The company’s proposals also claim that not only do they reduce the risk of moving and holding cryptocurrencies, but they also change the perception of digital assets and help increase trust in the industry.

Coincover co-founder and CEO David Janczewski shared:

“At Coincover, we pride ourselves on preventing users from losing access to their cryptocurrency, whether by mistake or because they are the target of malicious online hackers. […] With this new funding, we can expand our services to all existing and future clients, building a better and more mature digital asset ecosystem in the process.”

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Despite the ongoing bear market, Web3 projects continue to raise capital to create and innovate within the ecosystem.

On January 25, Cryptooshala reported that Injective has launched a $150 million ecosystem fund to boost decentralized finance and Cosmos adoption. The ecosystem group has been backed by a large consortium of venture capital and Web3 firms, including Pantera Capital, Kraken Ventures, Jump Crypto, KuCoin Ventures, Delphi Labs, IDG Capital, Gate Labs, and Flow Traders. According to Injective, the consortium is the largest within the broader Cosmos ecosystem.

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