What Is Coincover? Institutional and Personal Digital Asset Protection

CoinCover is a leading digital asset security service provider founded in 2018, offering wallet recovery and fraud prevention solutions to financial institutions and individuals worldwide.

What is Coincover?

The company has protected over 22 million wallets, secured $72 billion in transactions, and supported over 550 crypto businesses by the end of 2025, with insurance backing from Lloyd's of London to guarantee compensation for risky transactions.

Amidst the rise in cyberattacks that could reach $9.3 billion in losses by 2024 according to a Chainalysis report, CoinCover has emerged as a strategic partner that combines advanced technology with human support to minimize the risk of loss of access or theft of crypto assets.

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History of the Establishment and Development of CoinCover

CoinCover was founded in 2018 in Cardiff, Wales, by David Janczewski as CEO and Adam Smith as CTO, with the primary goal of making on-chain activities more secure and accessible for all parties.

As a pioneer in digital asset protection, the company initially focused on key recovery.non-custodial wallet, which allows users to maintain full control over their assets without relying on third parties completely.

By 2025, CoinCover had grown to become a market leader with over 600 clients, including exchanges like Bitso and custodians like Fireblocks, after raising a total of $61.6 million in funding from investors like Foundation Capital and CMT Digital.

The company is registered as Digital Asset Services Ltd in the UK under number 11356137, and operates from its headquarters in the Capital Building, Tyndall Street, Cardiff. In 2021, CoinCover raised $9.2 million in Series A funding to expand its key recovery services, followed by a $30 million round in 2023 to cover recruitment, product updates, and strategic partnerships.

Today, with a corporate culture that emphasizes collaboration and accountability, CoinCover has become a partner for governments, TradFi institutions, and global crypto platforms, helping reduce losses due to human error or cyberattacks that could reach $1.5 billion by 2024 alone.

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CoinCover's Main Products: Recover and Protect

CoinCover offers two core products designed to protect digital assets from a variety of threats. CoinCover Recover is a wallet recovery service that provides secure key backups for both hot and cold storage, with 24/7 human support to restore access in the event of loss or system failure.

The service is non-custodial, meaning users retain control of their assets, and has been integrated with major infrastructure providers like Fireblocks for rapid recovery without disrupting business operations.

Meanwhile, CoinCover Protect focuses on fraud prevention with a risk engine that monitors outgoing transactions in real-time, detecting suspicious patterns like ransomware or account takeovers before assets move.

This product uses behavioral analysis and blockchain verification to flag risky transactions, with a guarantee of compensation if an approved transaction turns out to be malicious.

According to a CoinDesk report, Protect has helped clients like BitGo prevent losses due to human error, which is often a weak point in advanced crypto technology.

Solutions for Institutions and Risks Addressed

For institutions such as crypto exchanges, financial institutions, and wallet providers, CoinCover provides holistic protection tailored to specific needs. This solution includes on-chain monitoring to prevent fraud, secure wallet key storage, and calm crisis support to handle emergency incidents.

In 2023, CoinCover collaborated with Safe (formerly Gnosis Safe) and Sygnum Bank to launch an optional recovery service, allowing users to designate a trusted third party for temporary access with a multi-party security threshold.

The main risks addressed include loss of wallet access, where CoinCover acts as a safety net for business and customer assets with secure key recovery.

Additionally, this service protects against crypto fraud such as social engineering attacks, account takeover, and ransomware, which caused $400 million in losses since the start of 2023 according to CoinCover internal data.

With insurance coverage from Lloyd's of London, the company offers compensation of up to $1 million per wallet for losses resulting from provider failure or theft of private keys, although CoinCover itself does not provide direct insurance but rather through underwriter partners.

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Protection for Individuals and Retail Users

For individuals, CoinCover simplifies digital asset security through products that easily integrate with wallets or exchanges. CoinCover Recover enables quick recovery from lost access, while Protect monitors private transactions to detect threats like phishing or scams.

By 2025, a CoinCover survey showed that 50% of potential crypto investors would be more confident if their assets were protected, highlighting the role of these services in driving mass adoption.

Retail users can access this service through partners like Civic, where CoinCover provides automatic deposit guarantees for hot wallets of up to $1 million. This is crucial amidst the rise in cyberattacks, where 20% of Bitcoin in circulation was lost due to private key errors, as reported by the New York Times.

CoinCover also supports major assets such as Bitcoin (BTC), Ethereum (ETH), ERC-20 tokens, and ERC-721 NFTs, ensuring broad coverage for personal portfolios.

Security Insights and Trends Report 2025

CoinCover actively contributes to industry discussions through reports such as “The Trust Factor,” a 2025 whitepaper exploring the impact of crypto regulation based on a survey of over 1,000 respondents and the views of seven sector leaders.

The report emphasizes how stricter regulations, such as MiCA in Europe and potential changes in the US post-Trump, could increase trust by demanding higher security standards.

CoinCover predicts six threats will emerge by 2025, including sophisticated account takeovers and device fingerprinting bypasses, requiring real-time monitoring to prevent losses.

CoinCover's certification includes support from Lloyd's and integration with protocols like Ledger Recover, where the company acts as a custodian of encrypted shards for secure recovery.

Their Trust Center provides a developer portal for custom APIs, a partner directory, and a glossary of crypto terms, helping businesses tailor solutions. In 2025, CoinCover reported a 350% increase in fintech client acquisition following the FTX crisis, reflecting the high demand for a bridge between technology and insurance.

Challenges and Future of Digital Asset Protection

Despite its success, CoinCover faces challenges such as soaring insurance premiums due to repeated hacks, which makes protection expensive for small platforms.

However, by focusing on prevention rather than reactivity, the company helps reduce negative perceptions of crypto and supports regulatory compliance such as Consumer Duty in the UK.

In 2025, collaborations with DEXs and stablecoins marked an expansion, with CoinCover protecting trillions of dollars worth of transactions across the decentralized ecosystem.

Overall, CoinCover plays a vital role in building on-chain trust with its robust technology and responsive team.

For institutions and individuals, this service is not just a safeguard, but a foundation for safe participation in the $3.2 trillion crypto market.

Monitor official sources for the latest updates, and consider integration if managing significant digital assets.

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FAQ

What is CoinCover and what does it do?

CoinCover is a UK-based crypto security company that provides wallet recovery and fraud protection for institutions and individuals.

Are assets on CoinCover insured?

Yes, transactions protected by the CoinCover risk engine are covered by Lloyd’s of London insurance for up to millions of dollars in the event of losses due to an attack.

How many wallets does CoinCover protect?

As of December 2025, CoinCover has protected over 22 million wallets and secured $72 billion in transactions.

Can CoinCover be used by private users?

Yes. CoinCover services are available through partners like Ledger, Fireblocks, Bitso, and several exchanges that offer automated protection for retail users.

How to activate CoinCover protection?

It's usually automatically activated if you use a wallet/exchange partnered with CoinCover. For institutions, contact the CoinCover team directly for custom integration.