Forgot your crypto wallet password? This Cardiff-Based Startup That Raised $ 9.2 Million Can Help You Get It Back

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Image credits: Coincover

Cryptocurrencies are here to stay, and it looks like they will continue to evolve until they become mainstream. While global change isn’t happening anytime soon, given the volatility, it’s only a matter of when, not if.

According to Crypto.com, there are around 100 million crypto users around the world. In general, cryptocurrencies are held in digital wallets, protected by keys, cold wallets, etc. If a cold wallet is lost or an investor forgets their private key, access to digital coins can be lost forever.

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According to the New York Times report, Stefan Thomas, a German programmer based in San Francisco, lost his password on his hard drive, which contains 7,002 bitcoins, worth almost 192 million at current value.

Thomas received these bitcoins as payment for making an explanatory video on how cryptocurrency works a decade ago. He stored them in an IronKey digital wallet on a hard drive and wrote the password down on a piece of paper, which he had lost.

So far, he has exhausted eight out of ten attempts to get the correct password. After ten failed attempts, the disk will encrypt itself forever.

20% of bitcoins are lost or blocked

Likewise, about 20% of all bitcoin is lost or stuck in inaccessible wallets, which equates to $ 806 billion (roughly $ 682 billion). In addition to this, crypto wallets can also be hacked. In 2020 alone, there were 122 hacks on decentralized applications, cryptocurrency exchanges, and blockchain wallets, resulting in the loss of approximately $ 3.78 billion (approximately $ 3.2 billion). .

As interest increases, the magnitude of potential problems also increases. And that’s where Cardiff-based Coincover comes in. The British startup ensures that users and businesses never lose access to cryptocurrency funds due to user error, d ‘a business or infrastructure failure.

Coincover raises $ 9.2 million

Recently, the company secured $ 9.2 million (approximately 7.8 million) in Series A financing led by Londons Element Ventures.

Other investors including DRW Venture Capital, CMT Digital, Avon Ventures, Valor Equity Partners, FinTech Collective, Susquehanna Private Equity Investments, LLLP, Volt Capital and founding investors Insurtech Gateway Fund and The Development Bank of Wales also participated.

The funding will be used to publicize the product offering and grow the team so that Coincover can take over a larger portion of the crypto market, the company claims.

David Janczewski, Co-Founder and CEO of Coincover, Says: Crypto can be complex and confusing, and people have legitimate concerns about the safety of their funds. With Coincover, we provide a fundamental building block for a mature market by ensuring that people can be protected from mistakes that can end up costing them thousands of dollars. This investment means that we can quickly adapt our growth to market and consumer demands, and in doing so, ensure that more people can invest in crypto safely.

London-based Element Ventures is a global venture capital fund investing in B2B financial technology companies. The company focuses on investing in technologies that help work practices in financial markets.

Coverage and collection services

Founded by David Janczewski in 2018, Coincover Protection provides end users with security against loss or theft of crypto assets and fraudulent transactions, ensuring that assets are both safe and accessible.

Coincover says the technology is developed by specialists who have developed their expertise in government, military and law enforcement environments.

The company’s plug-and-play platform provides access to secure backup and recovery of private keys with standard government security protocols and insurance coverage against theft, fraud, user error and business failure.

Safety, warranty and customers

With Secure Key Storage, the company creates offline emergency backup keys for wallets, stored offline, fully encrypted, and with no network exposure to prevent targeting by hackers.

The company also offers a deposit protection guarantee that protects client portfolios up to a value of $ 1 million (approximately 847,000) in the event of a business failure or catastrophic system failure.

The UK company works with various companies including wallet providers BitGo, Curv, Vesto, civic and Fireblocks. Coincover’s latest customers include AIMS, Bitso, Coinmerce, FalconX, etc.

Earlier this year, the company partnered with GateHub, the multi-currency wallet provider, to cover up to $ 100,000 (roughly 84,000) of cryptocurrency assets per wallet.

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