Coincover Launches Cryptocurrency Theft Cover

December 6, 2019

Cardiff-based Coincover is the first and only service to provide insured technology that ensures people with cryptocurrencies such as Bitcoin and Ethereum will not have their investments lost or stolen.

As a virtual product, cryptocurrency can be stored in offline hard drives or online accounts known as “wallets” – but both storage options can be subject to theft or loss. Coincover aims to make investing in cryptocurrency safer and more accessible for consumers; it is the first and only service to insure technology that prevents digital funds form being lost or stolen..

Coincover customers are protected by:

●      Theft Cover: Cash replacement value for any customers who have their funds stolen.

●      Lost Key Protection: Recovers funds in digital wallets if private keys are lost.

●      Secure key storage: Private backup keys are held in an extremely secure offline environment.

●      24/7 wallet monitoring: Protecting digital currency at all times, with early-warning alerts for suspected theft.

●      Due diligence checks: Notifications are sent when incoming crypto is from a suspicious source.

Coincover protects over 120+ different cryptocurrencies, meaning that cryptocurrency investments no longer need to be taken offline to keep them fully secure.

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 Smithwho 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."

“Since the market launched in 2009, cryptocurrency has been associated with scandal, theft and black-market trading. Plus, we’ve all heard reports about people who have had their cryptocurrency wallets hackedor lost their investments due to hardware mishaps but with Coincover, we aim to make this a thing of the past.”

Coincover brings to market Theft Cover in partnership with Bitgo, the market leader in institutional-grade multi-signature wallets. Processing over $15 billion in transactions every month. Trusted by the largest institutions in cryptocurrency.

Mike Belshe, CEO of BitGo, said: “Transparency and accuracy is essential for building trust in the market so it’s critical for clients to understand under what circumstances their investments are insured and to what extent any loss would be covered. In partnership with Coincover, we are not only providing comprehensive coverage, we’re being completely transparent about the terms of our coverage.”