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The Cardiff company works with digital asset custody and settlement businesses like Sequoia-backed Fireblocks and BitGo through partnerships but also works with crypto exchanges, banks, and hedge funds. Coincover's funding round was led by San Francisco-based Foundation Capital, and the new capital will go towards increasing the company's headcount, particularly in commercial and engineering teams, alongside further investment in its tech platform.
"We started thinking about funding at the end of Q2 last year just before the crypto market correction in the summer," Janczewski added. "A lot of funds who had been backing the sector changed their mind but we worked with funds who have good knowledge of the market, knew what was going on, and so knew how our proposition fitted into the market."
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