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Cryptocurrency protection and insurance project Coincover has just announced a raise of $30 million in a round led by Foundation Capital.
Crypto looks to be waking up with a vengeance. Fund raises like this are surely signs that there is a recognition of the powerful innovation that is coming out of the crypto industry.
Coincover is a UK-based company that provides a loss-prevention service, and should this fail it also offers insurance options in order to totally protect its clients.
Coincover CEO David Janczewski was quoted by Business Insider as he summarised what his company offers:
"We consider ourselves to be both prevention and cure. Blockchains are secure by design, but bitcoin is probably the largest single prize for any hacker in the world ever and has been for a decade, so we as an organization work in the human interaction end of the scale."
The funding for the raise was led by San Francisco-based Foundation Capital, which has been active in the crypto space for some time now, having also backed Algorand and Solana in their early stages.
A Series A funding round was held back in July of 2021, which raised $9.2 million from a raft of venture capital firms. CEO Janczewski has not released the names of the other investors in this current round but just said that they were a real mix from crypto funds as well as the more traditional venture firms. In an interview with The Block he said:
"I think it's the next round of logical fundraising. There are certain people who will put a letter on that. So it's logical if the last one was A that this was B, but I guess it's just the next logical step for us in terms of raising the right amount of capital, more importantly from the right venture building partners to scale the business to the next stage."
A real need for the Coincover solution
With 60% of crypto-curious investors in the US saying that they will only invest if their crypto assets can be looked after safely, there is a real niche for the likes of Coincover to fill.
With theft protection, disaster recovery, and transaction monitoring, Coincover is possibly the only service on the market to offer a complete end-to-end solution.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.