Cryptocurrency protection provider Coincover has announced that its technology can now be used by individual crypto wallet holders.

Coincover’s technology is backed by an insurance policy placed with certain underwriters operating at the Lloyd’s of London.

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The new offering is aimed at making it safer for existing and new individual investors entering the digital currency space.

Coincover protects, secures and recovers digital assets using a set of digital technologies.

Its proprietary Hack Checker flags suspicious activities such as unauthorised transactions across digital wallets and analyses customer transactions.

Coincover’s Seed Phrase Vault solution helps with recovery in an event of a disaster, business failure or loss of access.

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Coincover CEO David Janczewski said: “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.

“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.”

The technology provided to individual crypto wallet holders is based on the same technology Coincover uses to protect its corporate customers’ digital assets, such as cryptocurrency exchanges and wallet providers.

In 2021, it claims to have reviewed transactions worth $10bn.