Company: CoinCover
Founders: David Janczewski (CEO), Adam Smith (CTO)
Website: https://www.coincover.com/
About CoinCover
Founded in 2018, CoinCover exists to create a secure environment for users of crypto, driving adoption of the web3 world. CoinCover provides the best defences in crypto, setting the standard for safety, integrity and protection.
For years, security issues and the ever-changing threat landscape have dominated the global perception of digital assets. During the first half of 2024, it is estimated that stolen funds inflows nearly doubled from $857 million to $1.58 billion, while ransomware inflows rose by approximately 2%, from $449.1 million to $459.8 million.
Lost access also remains a significant problem. It is estimated that around 20% of all Bitcoin, currently worth around $140 billion, is lost in wallets that cannot be accessed.
The problem that crypto users face, however, is that traditional protection is not a good fit for a blockchain-enabled world; it’s very expensive and in very short supply.
CoinCover exists to fill this gap by offering crypto platforms an exceptional level of protection, tailored to their customers’ needs. Its technology is a world-first, proactively protecting against both malicious activity and the loss of cryptocurrency, meaning users are safe from both attack and human error. CoinCover combines two main products; AssetCOVER and ReCOVER which, together, provide best-in-class protection:
AssetCOVER – Advanced risk screening through AssetCOVER ensures customer transactions are safe and secure. It offers double protection by both monitoring suspicious activity 24/7 as well as guarding each transaction against a blocklist of malicious wallets. Its proprietary blocklist is one of the largest in the industry, ensuring users are always alerted in real-time of risks.
ReCOVER – ReCOVER is CoinCover’s ultra-fast backup plan for when users lose access to crypto assets. CoinCover’s Seed Phrase Protection means that users never have to worry about losing access to their cryptocurrency. Seed phrase protection keeps users’ seed phrases safe, offering seamless access with their ID when access is lost.
CoinCover’s technology is insured by underwriters at Lloyd’s of London. CoinCover pays out in the event its technology has failed to prevent a theft or loss resulting from customers’ protected risks.
This means that if the worst does happen, customers are fully covered. CoinCover therefore offers the single most effective protections for holding and transacting crypto.
CoinCover protects most major cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and all ERC-20 standard tokens. A full list of assets it protects can be found here.
Its technology seamlessly integrates with most wallet providers and wallet types. Providers make it possible to sign up to CoinCover directly when setting up a wallet. CoinCover offers multi-regional coverage, available on over 20 platforms.
The company protects against the following risks:
Lost access – CoinCover’s technology eliminates the risk of a single point of failure and enables customers to benefit from a secure, non-custodial recovery solution.
Cyber threat – CoinCover fortifies defences against malicious attacks such as account takeovers, ransomware and social engineering.
Operational failure – CoinCover guards against operational risks such as exit scams, internal bad actors and insolvency crypto asset access.
Human error – CoinCover safeguards against sending funds to the wrong account; corrupted or deleted access material and common crypto wallet and transaction mistakes.
Technology failure – CoinCover shields assets from infrastructure vulnerabilities, protecting against custody failure, supply chain hacks, multi factor security failure and biometric security failure.
Since its inception, CoinCover has protected $35 billion in crypto transactions, has 5 million users worldwide and over 350 crypto service providers as customers.
Its customers range from wallet providers, asset managers, exchanges and VCs, to hardware wallets and software wallets. Coincover is proud to be trusted by the likes of Fireblocks, BitGo, Ledger, Onramp and Cobo amongst many others.
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