Cardiff based startup Coincover has launched an insurance policy that covers crypto-related theft and loss. It is the first and only service that guarantees the safety of digital funds online.

The company aims to make investing in cryptocurrency safer and more accessible for consumers. Coincover will constantly monitor the wallet and issue warnings if there is a potential theft. Also, it will restore funds if there is a loss of private keys and manage the backup of keys. Moreover, it will provide a replacement for money in case of theft, and verify any suspicious actions. Coincover protects over 100 different cryptocurrencies. This implies that there is no requirement of keeping cryptocurrency investments offline for security purposes.

UK’s Department for International Trade(DIT) has invited the firm to showcase its expertise in the US market in Silicon Valley this month. According to Coincover co-founder David Janczewski, though crypto ownership is getting mainstream it can be still a risky investment, thanks to their very nature. Thus, the company is trying to solve all the crypto-related crimes and issues.

Since its inception cryptocurrency has seen a lot of scandals, thefts, and black-market trading. It is around the time these issues need to be addressed by a body. Many crypto experts claim that the cryptocurrency insurance market will flourish if the United States Regulators clarifies the regulation more regularly as per the source.