May 1, 2019

Coincover Blog | News: Coincover Launches Crypto Deposit Protection Guarantee

Cardiff-based Coincover is the first and only service to guarantee that individuals with cryptocurrencies such as Bitcoin and Ethereum will not have their investments lost in the event they lose access to their wallets.

Cryptocurrency can be stored in offline hard drives or online accounts known as “wallets” – but with these options there is always the possibility of losing access. With Coincover’s Deposit Protection Guarantee, we aim to make investing in cryptocurrency safer and more accessible for consumers; by providing the world’s first service to ensure consumers will not have their investments lost in the event they lose access to their wallets.

The Coincover Deposit Protection Guarantee for cryptocurrency protects customers when authorised Cryptocurrency services and firms fail, and they lose access to their cryptocurrency. The scheme ensures that customers will always be able to recover their funds in the event of lost access, providing protection to customers of Coincover partners cryptocurrency holdings up to a value of $1 million (1,000,000 USD) per wallet.

Some of the Deposit Protection Guarantee product features:

- Guaranteed access to funds in the case of lost access or business failure. ​

- Maintain complete control of your crypto. ​

- Funds secured in multi-signature 3-key wallet management.​

- No max on number of wallets protected. ​

- 24x7x365 support with quick recovery turn-around.

Whether you need a safe wallet to simply store your cryptocurrency, or if you want a wallet that affords you advanced trading and management features, look for the Coincover logo. Wallets powered and protected by Coincover are designed to guarantee you will never lose access to your funds so however you plan to use your crypto, lost access won't be a problem.

It is estimated that around 4 million Bitcoins have been lost to date, yet still visible on the blockchain, their owners cannot access them. Today those lost Bitcoins are worth around thirty billion dollars, which is almost enough to buy eBay! However, they are locked forever.

Based in Cardiff Bay, Coincover has been founded by David Janczewski, a Blockchain pioneer who previously worked at the Royal Mint and introduced digital gold enabled by Blockchain. David has over five years’ experience working with cryptocurrency. He is joined by co-founder Adam Smith who has over 20 years’ experience building security systems for the financial services, UK military and police force. 

David Janczewski, co-founder of Coincover said: “Cryptocurrency ownership is growing fast and becoming more mainstream, but it can still feel like a risky investment. Virtual currencies, by their very nature, are a new concept for many."

For more information on our products and services, visit our website here.