Coincover

Cardiff-based Coincover was established in May 2018 by David Janczewski and Adam Smith to set a new security standard for digital assets. The company’s founding mission is to address the primary barrier to mainstream cryptocurrency adoption: trust.

The founders' backgrounds are deeply rooted in security and blockchain technology. David Janczewski, the CEO, previously spent five years at The Royal Mint, where he worked on creating a digital gold currency for the UK government in partnership with CME Group. Co-founder and CTO Adam Smith brought his experience from running a cybersecurity consultancy that served clients in government, law enforcement, and defense.

Coincover provides a suite of technology-enabled services to protect against the primary risks in the crypto space—theft and loss of access. Its business model is centered on providing these protection services to businesses such as crypto exchanges, digital asset custodians, banks, hedge funds, and wallet providers, which in turn offer them to their end customers. The company has already partnered with over 550 businesses. Revenue is generated through these partnerships, offering a plug-and-play platform that integrates into the client's infrastructure via API.

The company's core services are designed to address critical vulnerabilities. 'Coincover Protect' offers real-time fraud screening for outbound transactions, scanning for malicious activity to prevent theft. 'Coincover Recover' is a disaster recovery service that provides a secure method for users to regain access to their wallet keys if they are lost, a significant issue given that an estimated 20% of all bitcoin is inaccessible due to lost keys. This service utilizes military-grade storage and security protocols. A key differentiator for Coincover is that its technology is backed by an insurance policy from Lloyd's of London, providing a guarantee to compensate customers if the technology fails to prevent a loss.

Since its inception, Coincover has achieved several milestones. After an initial funding round in November 2018, the company launched its product in 2019. It raised $9.2 million in a Series A round in July 2021 and followed up with a $30 million funding round in early 2023, led by Foundation Capital. These funds are earmarked for scaling operations, product development, and expanding partnerships.

Keywords: crypto security, digital asset protection, wallet recovery, fraud prevention, blockchain security, InsurTech, cryptocurrency insurance, private key recovery, transaction monitoring, asset security