Coincover, a start-up based out of Cardiff in the United Kingdom, has introduced the first-ever cryptocurrency insurance service, which aims to protect users from theft and asset loss.
The company was recently invited to be part of eleven start-ups presenting their innovative developments and expertise to a panel of Silicon Valley enterprises. Coincover was invited to attend the meeting at the United Kingdom Department for International Trade (DIT), to showcase their product to representatives from the United States tech market.
Cryptocurrency insurance service
What Coincover brings to the table is a well-rounded cryptocurrency insurance service. According to the company website, this product is the only non-stop monitoring and protection service for cryptocurrency users.
Coincover advertises twenty-four-hour (24h) protection of all assets stored in software-based cryptocurrency wallets. Currently, the cover is available for more than one hundred (100) different tokens. The company also supports early warnings, even at the smallest suspicion of malicious withdraws or theft.
Not only that, but Coincover aims to monitor all sources of incoming funding, by performing due diligence checks on senders.
Unfortunately, with the rise in popularity cryptocurrencies are experiencing, instances of crypto theft are also becoming numerous.
While hardware wallets are by far the most secure storage method when it comes to crypto, online and software-based wallets are much more flexible in terms of services offered. What Coincover brings to users is a decreased risk when using online wallets, and the ability to benefit from their flexibility.
Thanks to developments like Coincover, cryptocurrency theft has been decreasing despite the rise in price of famous tokens. Hopefully, services like Coincover will make it impossible for hackers and thieves to gain access to crypto users’ wallets.