Coincover raises $30M to help protect digital assets from hacks and human error
- We’ve also seen a sharp increase in demand for seed phrase backup where we provide a route to recovery of funds.”Seed phrases, or recovery phrases, are a series of random words that act as a password to one’s crypto wallet.
- “One of the most significant limitations to digital asset adoption, at both the individual and institutional levels, is the fear of loss or theft of assets.”The platform, which was founded in 2018 and launched in 2019, has raised $41.6 million to date, Janczewski said.
- Image Credits: CoincoverThe new capital will be used to recruit talent, update products and add partnerships to protect against crypto hacks or human error.
- So, in that sense, what we’re doing isn’t revolutionary — it’s almost compulsory.”For Coincover, it’s about “tackling the next frontier of risk, which is social engineering,” Janczewski said.“If someone’s convinced you to send a lot of money and you’ve done it, it’s considered a scam, not theft,” Janczewski said.
- “For our customers, private key backup provides an additional layer of protection that enables the recovery of assets if they lose their keys or their platform becomes unavailable.
- “In traditional finance, banks are not able to refund users when they have willingly sent funds in this way even if you have been duped.
Coincover, a digital asset protection company, has raised $30 million in funding led by Foundation Capital to protect people and their digital assets from hacks or human error, David Janczewski, CEO [+3540 chars]