Coincover secures $30 million in funding to enhance the security of digital assets

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London-based digital asset protection firm Coincover has secured a $30 million funding round led by Foundation Capital, with a subsequent investment from CMT digital.

According to Coincover’s announcement, the funds will be used to expand its operations, drive hiring, develop new products, and form partnerships to help strengthen the security of the cryptocurrency ecosystem, thereby providing more comprehensive protection for businesses and individuals who hold digital assets.

Coincover was founded in 2018 and launched in 2019 with the aim of providing trust to the digital asset industry. The company already works with more than 300 companies including exchanges, wallets, hedge funds, family offices, banks, and directly with a number of digital asset custodians.

Coincover is determined to address the security concerns that plague the digital asset industry, by offering businesses a proactive solution that protects against cyber threats and human error. By reducing scams and fraudulent activities, Coincover aims to lay the foundation for a more mature and trustworthy sector. The company’s offerings also promise to not only reduce the risks of transferring and storing cryptocurrencies but also changing the perception of digital assets and fostering growing confidence in the industry.

Coincover CEO and co-founder David Janczewski shared:

“At Coincover, we are proud to prevent users from losing access to their cryptocurrency, whether through error or misfortune being targeted by malicious hackers… customers of the future – building a better, more mature digital asset ecosystem in the process.”

Related: VC Roundup: Evidence of ZK, DeFi Protocol, and DAO Longevity Attract Investing

Despite a prolonged bear market, Web3 projects continue to raise capital to build and innovate within the ecosystem.

On January 25, Cointelegraph reported that Injective launched a $150 million ecosystem fund to boost DeFi and Cosmos adoption. The ecosystem group has been backed by a large consortium of venture capital firms and Web3 companies, including Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, IDG Capital, Gate Labs, and Flow Traders. According to Injective, the consortium is the largest consortium within the broader Cosmos ecosystem.