Based in Cardiff and founded in 2018, Coincover deliver security and assurance in cryptocurrency for the digital asset marketplace. With a team made up of finance, blockchain, technology and cybersecurity experts, their experience is what drives the company forward in terms of building and improving upon a fantastic digital asset security platform.
The incredible rise since their launch has seen them become the number one UK brand in crypto security. Their growth looks set to continue beyond 2020 after they recently announced they closed a growth funding round. More on that shortly, but let’s take you back to the start of the year where Coincover got the backing of a huge insurance and reinsurance market.
In March, Lloyd’s of London launched a new type of liability insurance, provided by Coincover, which protects any cryptocurrency in hot wallets that is effectively stolen. Trevor Maynard, head of innovation at Lloyd’s, said in the announcement the insurance giant is the “natural home for insurance innovation because of the unique ability of syndicates to collaborate to insure new things.”
“As more money flows into the crypto-asset market, losses from hacks are on the rise. Nevertheless, cryptocurrency companies have found ways to protect their digital assets from theft,” Maynard said.
As crypto becomes more popular and the number of people buying it increases, it clears the path for more innovation when it comes to businesses accepting payments. This applies to businesses from many different industries such as the NFL’s Miami Dolphins, NBA’s Dallas Mavericks, live streaming service Twitch and numerous iGaming companies in the UK.
There are a number of UK casinos that accept bitcoin nowadays, with NetBet and BetVictor being two prime examples of reputable sites opening their doors to Bitcoin payments. Both bookmakers offer welcome bonuses, which allows customers to test out games without having to use their own funds. Online casinos that allow using bonus codes and promotions do so in the hope that they can encourage new customers to sign up with them.
An important reason why cryptocurrency is being accepted in more places now is so that companies like NetEnt and BetVictor can welcome a new type of loyal customer. These businesses could, in turn, benefit from Coincover’s crypto security. The more places that accept cryptocurrency, the more potential Coincover has to expand its portfolio.
Business has improved for Coincover since March and there’s now more funding on the way. In July, an even-figure equity investment had co-investment from the Development Bank of Wales. Owner David 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.”
David Blake from the Development Bank of Wales’ tech venture team 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.
“We work closely with our colleagues in Angel Invest Wales to support tech-based ventures and attract further investment from co-investors for businesses in Wales. Insuretech Gateway’s support for Coincover is testament to their global growth potential in the cryptocurrency market.”
Coincover protects over 100 different cryptocurrencies and will continue to offer complete safety and security to anyone who has any doubts about digital currencies. 2020 has been a big year for the Cardiff based company. Will 2021 see further exponential growth?