Coincover, a Cardiff based startup has become the first of its kind service provider to offer insurance against theft and loss of cryptocurrencies as reported by a local publication wales247.
Cryptocurrencies are often proclaimed to be one of the finest forms of money, however managing these digital currencies is a daunting task, be it keeping it in an online wallet or putting it in the hardware offline wallet. In both cases, if the owner loses their private key or gets hacked, then chances of retrieving their digital assets are minimal. Online wallets are prone to hacking attacks and thus it is often advised to keep digital funds in offline hardware wallets, however, there have been several cases where owner forgot or a glitch in the wallet has led to the loss of funds.
Coincover aims to solve this issue by providing a range of crypto-protection and monitoring services to make crypto investments more secure. The Cardiff based startup has come up with a 24/7 online monitoring and protection services for the online wallets. Some of the key features of the service include
- 24/7 wallet monitoring: Protecting digital currency at all times, with early-warning alerts for suspected theft.
- Lost key cover: Recovers funds in digital wallets in case the private key is lost.
- Secure key storage: Private backup keys are held in an extremely secure offline storage.
- Cash replacement under the triple-A-rated insurance scheme, in case the customer loses their funds.
- Notifications are sent out whenever the incoming transactions are from a suspicious address.
Coincover claims to provide insurance service for over 100 cryptocurrencies and promises that users need not take their funds offline.
Coincover invited by the UK's Department for International Trade (DIT) to Showcase Their e
Expertise to the US Market
Coincover also became the only insurtech companies among 11 other to be invited by the UK's Department for International Trade to showcase their expertise to the Us Market in Silicon Valley.
Coincover is founded by David Janczewski, a Blockchain pioneer who previously worked at the Royal Mint and introduced digital gold enabled by Blockchain.
David Janczewski said that the aim behind starting a crypto-insurance firm is to ensure the crypto space is more secure and trustworthy. He also commented on the slew of scandals happening in the market and the necessity to make it more reliable since it is getting mainstream.
“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 hacked or lost their investments due to hardware mishaps but with Coincover, we aim to make this a thing of the past.”