Coincover, the digital asset protection company, has received $30 million in funding.

The company said the funding, which was led by Silicon Valley’s Foundation Capital, will help it to accelerate recruitment, product updates, and partnerships to safeguard the crypto ecosystem.

Further explaining its service provision, Coincover said it can aid any digital asset business or individual that needs protection.

The alternative, it said, is struggling with disaster recovery solo, which typically necessitates a vault, multiple trained operators, separate insurance, technical expertise, training, testing, and high-security hardware – a nearly impossible arsenal for any business to assemble without support.

“At Coincover, we’re proud to prevent users from losing access to their cryptocurrency, whether that be through a mistake or the misfortune of being targeted by malicious online hackers,” said David Janczewski, chief executive and co-founder at Coincover.

He added: “Through this new funding, we can supercharge our service for all existing and future customers – building a better and more mature digital asset ecosystem in the process.”

The news follows PayPal's decision to put its stablecoin project on ice as scrutiny around cryptocurrencies from global regulators ramps up.

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