Cardiff’s Coincover collects £25m funding to back up private crypto keys

Coincover funding Image credit: Coincover funding

Crypto firm Coincover, self-styled as the “safety standard for cryptocurrency”, has secured $30m (£24.8m) in funding.

The Cardiff-based company offers cryptocurrency-related software that provides an automated backup of your crypto’s private keys and flags potential breaches of users’ crypto wallets.

“At Coincover, we’re proud to prevent users from losing access to their cryptocurrency, whether that be through a mistake or the misfortune of being targeted by malicious online hackers,” said David Janczewski, CEO and co-founder of Coincover.

Funding for the Welsh company comes at a time when the Treasury and Bank of England are exploring the potential of an alternative digital pound and proposals for regulation of the crypto sector.

Janczewski added: “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.”

Before co-founding Coincover in 2018, Janczewski worked at The Royal Mint, which last year was asked to create a yet unrealised NFT by Rishi Sunak, as director of new business ventures.

Co-founder and CTO Adam Smith previously assisted on the Royal Mint’s gold blockchain project.

Coincover said it will use its freshly acquired capital to grow its team, for software development and forging partnerships.

Charles Moldow, general partner at Foundation Capital, said: “After a tumultuous year for digital assets, investing in Coincover was a no-brainer. The brand offers assurance in a fast-paced market.”

According to Coincover, it is used by over 300 businesses including banks, exchanges and hedge funds.

Its investment was led by Silicon Valley-based venture capital firm Foundation Capital, supported by existing investor CMT Digital.