Welsh crypto startup Coincover raises $30m funding to fight digital asset hackers

Coincover, a fintech startup helping companies protect digital assets such as cryptocurrencies, has raised $30m in funding.

The Cardiff-based was founded in 2018 by David Janczewski (CEO) and Adam Smith (CTO). Janczewski previously worked at The Royal Mint on a blockchain project for five years while Smith has a background in cyber security.

It aims to combat hackers and human error to solve; an inherent burgeoning problem of people holding cryptocurrency and other digital assets. 

Hacks and other losses for crypto holders have become more and more apparent to mainstream investors in recent years, representing a core trust barrier in adoption.

Hacks alone cost crypto holders about $3.8bn in 2022. 

Coincover says it currently has about 300 businesses - including exchanges, wallets, hedge funds, family offices and banks - as customers.

“ 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. 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,” said David Janczewski, co-founder and CEO of Coincover.

The round was led by Silicon Valley venture capital outfit Foundation Capital.