Coincover secures $30 million in funding to bolster digital asset security

London-based digital asset protection firm Coincover has raised $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 be used to scale its business, boost recruitment, develop new products and form partnerships to help strengthen the security of the cryptocurrency ecosystem, providing even more comprehensive protection to companies and individuals who own digital assets.

Coincover was founded in 2018 and launched in 2019 with the aim of bringing confidence to the digital asset industry. The firm already works with more than 300 companies, including exchanges, portfolios, hedge funds, family offices and banks, and directly with a number of digital asset custodians.

Coincover is committed to addressing the security issues facing the digital asset industry by providing businesses with a proactive solution that protects against both cyber threats and human error. By reducing scams and fraudulent activity, Coincover aims to lay the foundations for a more mature and trustworthy industry. The company’s offering also promises to not only reduce the risk of moving and storing cryptocurrency, but also to change the perception of digital assets and foster greater confidence in the industry.

Coincover CEO and co-founder, David Janczewski shared:

“At Coincover, we pride ourselves on being able to prevent users from losing access to their cryptocurrency, whether through a mistake or the misfortune of being targeted by malicious online hackers…. This new funding allows us to our service to all existing and future customers – building a better and more mature ecosystem of digital assets.”

Related: VC Roundup: ZK Proofs, DeFi Protocol, and Longevity DAO Attract Investment

Despite a prolonged bear market, Web3 projects continue to raise capital to build and innovate within the ecosystem.

On Jan. 25, Cointelegraph reported that Injective has launched a $150 million ecosystem fund to boost adoption of DeFi and Cosmos. The ecosystem group was 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 assembled within the wider Cosmos ecosystem.