Coincover's Million-Dollar Funding to Help Secure Digital Assets—Preventing Crypto Hacks, Human Errors

Coincover's million-dollar funding is expected to help the digital asset protection company to prevent crypto hacks and human errors.

Thanks to this, Coincover has over $41.6 million from its investors to date.

The U.K.-based company was founded back in 2018 and launched in 2019. It was able to attract big investors, such as SMT Digital, Valor Equity Partners, Fintech Collective, etc.

Now, Coincover was able to raise over $30 million. The funding was led by the Foundation Capital.

Coincover's Billion-Dollar Funding to Help Secure Digital Assets

According to Tech Crunch's latest report, the new million-dollar would be used to prevent human errors and cybersecurity hacks.

"We made this investment not in spite of the tumultuous year in crypto, but precisely because of it," said Foundation Capital General Partner Charles Moldow. He added that fear of loss/theft of assets is one of the most significant limitations to digital asset adoption.

Coincover is expected to use the additional $30 million to recruit talent, add partnerships, and update products to prevent crypto hacks.

Coincover CEO David Janczewski said that they have seen rising demand for their product because the crypto industry already reached its inflection point.

Rising Crypto Theft

On Feb. 1, Chainalysis released a report about the rising crypto theft. The agency confirmed that 2022 is the biggest year for crypto hacking since the stolen digital assets reached over $3 billion.

Chainalysis added that most of the stolen cryptocurrencies were acquired by North Korea-linked hackers.

DeFi protocols also covered a large part of the stolen $3 billion digital assets.

"DeFi protocols by far the biggest victims of cryptocurrency hacks," said the American blockchain analysis firm.

Because of this, Chainalysis decided to provide some tips on how to make DeFi protocols safer from crypto hackers.

To learn more about the Chainalysis report, you can click this link.

In other news, Coinbase Global decided to leave Japan, saying that customers have until Feb. 16 to pull out their digital assets.

The U.S.-based crypto exchange Kraken also decided to halt its business operations in Japan.

For more news updates about cryptocurrencies and other business tech stories, always keep your tabs open here at TechTimes.