Crypto Protection Firm Coincover Raises $30M

Silicon Valley investment firm Foundation Capital led the funding round.

AccessTimeIconFeb 9, 2023 at 1:00 p.m. UTC
Updated May 9, 2023 at 4:07 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Coincover, a provider of protection and insurance for digital assets, has raised $30 million in a funding round that will go toward hiring, product updates and pursuing partnerships. 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 largest victims were decentralized finance (DeFi) protocols, and the highest losses were tied to North Korea-linked hackers.

  • Could Chainlink Be the Driver for DeFi’s Growth? Bank of America Thinks So
    05:07
    Could Chainlink Be the Driver for DeFi’s Growth? Bank of America Thinks So
  • Should Government Be in the Business of Issuing Stablecoin Insurance?
    07:12
    Should Government Be in the Business of Issuing Stablecoin Insurance?
  • You Can Soon Pay for Car Insurance With Bitcoin
    07:57
    You Can Soon Pay for Car Insurance With Bitcoin
  • Coincover's products offer asset protection – from hackers or human error – to businesses, infrastructure providers and consumers. The company works with more than 300 businesses, including crypto custodian Fireblocks and crypto exchange Bitso. Coincover was also one of the first firms to work with U.K. insurance market Lloyd’s of London.

    The U.K.-based company was founded in 2018 by CEO David Janczewski, who worked in blockchain at The Royal Mint for the U.K. government, and Chief Technology Officer Adam Smith, who ran a cybersecurity consultancy firm that included crypto, government, law enforcement and defense clients.

    “In the wake of a challenging year for the crypto market, Coincover is in high demand, as businesses and consumers scramble to safeguard their digital assets,” Janczewski said in the press release. “Through this new funding, we can supercharge our service for all existing and future customers – building a better and more mature digital asset ecosystem in the process.”

    Coincover raised $9.2 million in a Series A funding round in July 2021 led by Element Ventures with participation from DRW Venture Capital and Susquehanna Private Equity Investments.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.