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Welsh startup Coincover raises $9.2M to deliver military grade security for your crypto assets

coincover team
Image credit: Coincover

Ever since the mysterious Satoshi Nakamoto introduced Bitcoin and blockchain whitepaper, cryptocurrency took the world by storm. However, an estimated 20 percent of bitcoin, and no one knows how much other altcoins, were lost to theft, human errors, and infrastructure failures. Cardiff-based crypto security startup Coincover aims to tackle such issues. The Welsh firm is building the world’s safety standard for cryptocurrency and has now raised £6.67 million ($9.2 million) in a Series A funding round.

Fresh funds, fresh aspirations

The latest £6.67 million funding for Coincover was led by London’s Element Ventures. Further, DRW Venture Capital, CMT Digital, Avon Ventures, Valor Equity Partners, FinTech Collective, Susquehanna Private Equity Investments, LLLP, Volt Capital and the founding investors, Insurtech Gateway Fund and Development Bank of Wales also participated in the round. 

The startup will be pouring these fresh funds into its marketing to promote its product offering better. Additionally, in a conversation with UKTN, company’s CEO David Janczewski notes that Coincover will expand its current team of 20 employees ‘significantly’ by the end of 2021....