Digital asset protection and insurance service Coincover has raised $30 million in a round led by Foundation Capital.
🚨 STOP THE CLOCK
In defiance of the #cryptointerwe’re pleased to announce $30M in funding with the support of @FoundationCap adding fuel to our mission to make #crypto safe for everyone to hold and use. 🔒
Read more here: https://t.co/RQdgwXWf9z pic.twitter.com/0PC2BDN3iA
— Coincover (@Coincoverglobal) February 9, 2023
The names of other investors are not disclosed. According to Coincover, the funds raised will allow to increase the client base and expand the range of services.
“This new funding will accelerate recruitment, product updates and partnerships to secure the crypto ecosystem. With $3 billion stolen from hackers last year and cryptocurrency regulation expected in 2023, the opportunity is huge,” said Charles Moldow, General Partner of Foundation Capital.
The British startup provides protection and insurance guarantee services for crypto investors and companies.
In 2021 Coincover collected $9.2 million Series A round. Valor Equity Partners, Susquehanna Private Equity Investments, LLLP and DRW Venture Capital provided funding.
“I would say that we are seeing a significant increase in demand from a wide range of clients who, when I talk to any of them, tend to be proactive when thinking about protecting client assets,” said in a comment. The Block Coincover co-founder David Janczewski.
In March 2020, crypto custody service BitGo offered additional insurance coverage for cold wallets. For hot wallets, protection could be purchased through Coincover.
Recall that in December 2022, insurance companies limited risk coverage to customers who interacted with FTX going through bankruptcy proceedings.
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