The firm focuses on investments in technologies that help working practices in financial markets. This investment means we can rapidly scale our growth to market and consumer demands, and in doing so ensure more people can invest in crypto safely.”īased out of London, Element Ventures is a global venture capital fund investing in B2B financial technology companies. With Coincover, we are providing a fundamental building block for a rapidly maturing market by ensuring that people can be protected against making a mistake that can end up costing them thousands. The funding will be used to drive awareness of the product offering and grow the team so that Coincover can support more of the crypto market, claims the company.ĭavid Janczewski, Co-founder and CEO at Coincover says: “Crypto can be complex and confusing, and people have valid fears around the safety of their funds. Other investors including, 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 The Development Bank of Wales, also participated. Recently, the company has secured $9.2M (approx €7.8M) in Series A funding led by London’s Element Ventures. The UK startup ensures that users and businesses never lose access to cryptocurrency funds due to user error, business, or infrastructure failure.

And here’s where Cardiff-based Coincover comes into play. In 2020 alone, there were 122 hacks on decentralised apps, cryptocurrency exchanges, and blockchain wallets, which led to the loss of around $3.78B (approx €3.2B).Īs the interest grows, so does the scale of potential problems.

On top of that, crypto wallets can be hacked too. Similarly, around 20 per cent of all bitcoins are lost or stranded in wallets that can’t be accessed, which is equivalent to $806B (approx €682B). 20 per cent of bitcoin are lost or stranded

Ironkey wallet