Lloyd's-backed Coincover secures growth fund for cryptocurrency insurance

Cardiff-based cryptocurrency security firm Coincover has secured a growth funding led by Insurtech Gateway alongwith a significant investment from the Welsh Development Bank Technology fund.

The start-up seeks to meet the growing demand from the cryptocurrency market.

Coincover was founded in 2018 by David Janczewski, who had spent several years leading The UK Royal Mint’s blockchain-enabled digital gold initiative and providing advice to other blockchain projects.

Janczewski said: “Coincover helps crypto businesses to address the security concerns of the cautious investor and delivers the trust mark they need to stand out in a crowded and wary market. We are the only company in the world with a security product that is backed by Lloyds of London, providing protection from cryptocurrency theft at the individual level and an opportunity to maximise business revenue by enabling our partners to build systems that creates strong trust with their clients.”

Richard Chattock, CEO of the lead investor, Insurtech Gateway added: “Digital assets are growing at an exponential rate globally, and represent the next 'blue ocean' for insurance and protection. Innovative solutions like those offered by Coincover are reducing the risks and barriers to digital asset adoption, and we were delighted to continue our support.”

David Blake from The Welsh Development Bank Technology fund commented: “We are delighted to support the ambitions of Coincover. This Wales-based company is leading its market sector, and the opportunities for international expansion are very exciting.”

Janczewski added: “Coincover is removing the last major barrier to the mass-market adoption of cryptocurrencies. We are already partnering with the world’s leading cryptocurrency solution providers to deliver the safest way into cryptocurrency. In the age of cryptocurrency vulnerability, businesses have to deal with people’s fear of lost or stolen funds. The platforms and products that offer the strongest safety guarantees and can ensure the security of their users’ funds are the ones that will come out on top in the next few years. Our partners can build a trusted brand as they can offer complete assurance to their customers. We have seen a huge growth in enquiries since COVID-19 lockdowns began around the world. This investment will allow us to meet this demand and fuel exponential growth.”