Coincover, a provider of protection for cryptocurrency, has made its crypto protection technology available to individual crypto wallet holders. Providing protection against loss of access and theft, Coincover’s technology is backed by an insurance policy placed with certain underwriters at Lloyd’s of London.
With this new offer, Coincover is making it safer for existing and new individual crypto investors to enter the digital currency marketplace.
According to recent news, hackers stole a record $14billion in cryptocurrency in 2021 and losses from crypto-related crime rose 79 per cent from 2020, due to an increase in theft and scams.
Coincover’s Personal Cryptocurrency Protection is a set of technologies that protect, secure and recover digital assets. Its proprietary Hack Checker technology identifies suspicious activity, which includes unauthorised transactions across digital wallets and analyses customer transactions to protect cryptocurrency users.
The Seed Phrase Vault solution ensures individuals can recover access to funds in case of disaster, business failure, or loss of access.The technology underpinning Coincover’s Personal Cryptocurrency Protection is based on the same technology Coincover uses to protect its 200+ corporate customers’ digital assets, which include many global cryptocurrency exchanges and wallet providers.
Last year, Coincover checked and validated over $10billion worth of transactions.
“Today, the biggest barrier to the widespread adoption of cryptocurrencies is a lack of adequate protection. This barrier has slowed the adoption of digital currencies, and is something we are addressing at Coincover,” said David Janczewski, CEO at Coincover.
“Coincover’s Personal Cryptocurrency Protection will provide peace of mind for our customers and enable many more individuals to enter the market. Our mission is to make cryptocurrency safe for everyone to hold and use. Without a way to protect cryptocurrency assets and their investors, the market will not reach its full potential.