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Coincover looking to take advantage of ever-growing cryptocurrency market

Whilst 2020 had already proved to be a big year for Coincover, there are hopes that 2021 could be even bigger for the Welsh company.

Formed and based in Cardiff since 2018, Coincover is an organisation that can deliver a range of high quality services in regards to security and assurance within the cryptocurrency sphere. They currently provide cover for over 100 different types of digital asset and will continue to offer safety and security to anyone who continues to have doubts about digital currencies and how effective they can be.

Coincover continues to experience growth

The company continues to increase in stature and growth, as 2020 recently saw them announce that they had managed to secure additional funding to help them realise its ambitions of improving its exceptional digital asset security platform. Indeed, there is plenty of experience already within the team that created the platform, with a team that is made up of finance, blockchain, technology and cybersecurity experts.

Additionally, Coincover has also managed to establish itself as the UK’s number one brand within crypto security and has already managed to provide its services to a number of businesses that use crypto as a form of payment type. Lloyd’s of London is one business that has managed to benefit from the services provided, as the company’s head of innovation, Trevor Maynard, mentioned that the insurance giant is the “natural home for insurance innovation because of the unique ability of syndicates to collaborate to insure new things.”

“As more money flows into the crypto-asset market, losses from hacks are on the rise. Nevertheless, cryptocurrency companies have found ways to protect their digital assets from theft,” he added.

Continued adoption of cryptocurrency could provide Coincover with the perfect opportunity

With crypto becoming more mainstream as many continue to look to acquire and hold the digital assets available, more and more businesses are starting to accept it as a form of legal tender, thus providing users with an alternative to fiat finance. One industry in which the growth of crypto use can be felt is the iGaming sector, with many gamblers now using crypto in a live online casino to further enhance their experiences as they are able to obtain additional benefits compared to when using traditional currency, including a greater level of security.

A number of iGaming firms have started to accept these tokens, with Winz.io just one of the biggest operators to have opened its doors in allowing Bitcoin payments. It is not just the iGaming sector that has decided to take note, though, of the continued adoption rate of crypto, with sports teams such as the Miami Dolphins (NFL) and the Dallas Mavericks (NBA), as well as live streaming platform, Twitch, just a handful of the biggest companies to accept payments. Companies have decided to accept cryptocurrency more so now as it will allow them to attract a new potential market, thus allowing them to be able to increase their own revenues.

Therefore, an opportunity has been provided for Coincover as it means that they will be able to provide its security service to even more potential customers than they were previously able to. Indeed, simple economics can be applied, as the more demand there is for the service, the more it is able to supply and it could be argued that it has come at the right time.

Additional funding has already been secured

Coincover has managed to secure additional funding following its growth funding round, whilst the Development Bank of Wales also provided them with an even-figure equity investment. Owner David Janczewski said: “Coincover helps crypto businesses to address the security concerns of the cautious investor and delivers the trust mark they need to stand out in a crowded and wary market. We are the only company in the world with a security product that is backed by Lloyds of London, providing protection from cryptocurrency theft at the individual level and an opportunity to maximise business revenue by enabling our partners to build systems that creates strong trust with their clients.”

David Blake from the Development Bank of Wales’ tech venture team commented: “We are delighted to support the ambitions of Coincover. This Wales-based company is leading its market sector, and the opportunities for international expansion are very exciting.

“We work closely with our colleagues in Angel Invest Wales to support tech-based ventures and attract further investment from co-investors for businesses in Wales. Insurtech Gateway’s support for Coincover is testament to their global growth potential in the cryptocurrency market.”