A听platform providing cryptocurrency cover and recovery services听has听raised听almost 拢7m in Series A听funding to 鈥榖uild the world鈥檚 safety standard鈥� for crypto.听
Coincover鈥檚听platform protects crypto users and investors from theft, user error and infrastructure failure.听It听claims to utilise听military-grade technology to recover access to lost funds, with as much as 20% of the world鈥檚听Bitcoin lost听as a result of听human error.听
Founded in May 2018,听its platform combines a policy underwritten by Lloyd鈥檚 of London with technology created by specialists across government, military and law enforcement, giving听access to secure backup and recovery of private keys with government-standard security protocols.听
After launching the product last year,听Coincover听is working with companies including听BitGo,听Curv听and听Fireblocks听to provide听its听innovative plug-and-play platform to millions of potential end-users.听
London鈥檚 Element Ventures led the round with participation from DRW Venture Capital, CMT Digital, Avon Ventures, Valor Equity Partners, FinTech Collective, Susquehanna Private Equity Investments, LLLP, Volt Capital and the founding investors, Insurtech Gateway Fund and The Development Bank of Wales.听听
鈥淐rypto can be complex and confusing and people have valid fears around the safety of their funds,鈥� said co-founder and CEO听David Janczewski.听听
鈥淲ith听Coincover, we are providing a fundamental building block for a rapidly maturing market by ensuring that people can be protected against making a mistake that can end up costing them thousands.听听
鈥淭his investment means we can rapidly scale our growth to market and consumer demands, and in doing so ensure more people can invest in crypto safely.鈥�听
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Investors can buy and sell over 200 different coins from different platforms and wallets,听helping听to reduce the risk associated with investing savings in crypto.听
鈥淢ore and more people are investing in听cryptocurrencies听but the industry needs infrastructure and safeguards to make it more consumer-friendly. People don鈥檛 want to be losing their laptops and having millions go missing,鈥� said听Michael听McFadgen, Partner at Element Ventures.听听
鈥淐oincover听is building the infrastructure that will allow crypto to reach mass adoption, with a fantastic management team that can tackle this problem in a way that no one else can. We鈥檙e delighted to be supporting David and the team and can鈥檛 wait to be a part of their growth journey.鈥澨�听
Kim Trautmann, Head of DRW Venture Capital, said: 鈥淎s an early investor in crypto assets, it鈥檚 been clear to us that there would be tremendous opportunities for smart, forward-thinking听startups听to develop products that support the evolution of the ecosystem.听听
鈥淐oincover听has positioned itself to take the lead in solving one of the most prevalent problems: how to protect wallet access and the funds within them.听 We鈥檙e excited to make this investment and work alongside听Coincover鈥檚听world-class leadership team to raise additional awareness around these issues.鈥�听
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Sean Lippel, Head of Digital Assets at FinTech Collective, said: 鈥淭he private key experience is still too foreign, cumbersome, and risky for mainstream crypto users. As digital assets look to scale adoption from millions to hundreds of millions of users, the check-the-box deposit and theft cover solution offered by听Coincover听will be a critical component.听听听
鈥淲e are excited to back such a talented technical team out of the UK with a strategic B2B2C marketing strategy that will enable custodians globally.鈥�听
Soona Amhaz, General Partner at Volt Capital, said: One of the biggest challenges in our industry is crypto protection, and听Coincover听is the team to solve it.听Coincover听is building critical infrastructure to help get users and institutions more comfortable with this new financial paradigm.听听
鈥淲e鈥檙e delighted to support David and the rest of the听Coincover听leadership team.鈥�听