When the Coincover founders were tasked with investigating the future of money at The Royal Mint, they became completely immersed in the world of cryptocurrency.
The blockchain specialist and cybersecurity expert saw the huge potential – but also a huge problem: Crypto wasn’t safe. It’s a world targeted by hackers, where the loss of a mobile phone or laptop can result in vanished funds. So in 2018 they created Coincover, in Cardiff, to establish an industry-standard in safety.
Today, Coincover is THE global safety standard for crypto currency, so we spoke with Nadine Beaton, who heads up the People function, about the astonishing journey made to date by the team at Coincover – and the ambitious vision that’s driving this phenomenal fintech success story created here in the Welsh capital.
“We’re making cryptocurrencies inclusive and accessible”
“Coincover saw the opportunity to bring cryptocurrencies to the masses, to make it accessible and inclusive – and since launching three years ago we’ve refined our approach to partner with the world’s leading cryptocurrency solution providers, which means we can deliver safety and assurance in cryptocurrency for individual investors, fund managers, professional traders and corporate customers. In terms of numbers, we protect over a billion dollars of funds, but it’s really just the tip of a very large iceberg. For example, PayPal have committed to accepting cryptocurrency payments in coming months and that will lead to really bring it to a mass market. We’re already being inundated by new customers from all over the world, every day – and will probably have tripled the size of our team by the end of this year to cope with the demand.”
“We protect over a billion dollars of funds, but it’s really just the tip of a very large iceberg”
“We’ve become the #1 brand in crypto safety by giving customers peace of mind – whether it’s through deposit protection guarantee, or crypto secure key storage and recovery. We have even evolved to provide theft cover, so our journey really has only just begun. We’re regulated by the UK Financial Conduct Authority and backed by venture capital and the Development Bank of Wales, – so it’s safe to say that we’re already a firmly established part of the UK and global fintech community. And we just happen to be genuinely unique – there’s no one else doing what we are doing.”
“We’re genuinely unique. There’s no one else doing what we’re doing anywhere in the world.”
As a graduate from the Royal Welsh College of Music & Drama – with a wide-ranging background in L&D, Employee Engagement and CSR – what brought Nadine to Coincover?
“It’s certainly seems an unconventional route, but acting is all about people and their motivation and that’s always underpinned all my corporate roles. I’d worked in the past at Bank of Scotland and Gocompare, as well as most recently at University of South Wales, so I also had a perspective on the way the fintech community here in South East Wales has evolved, with plenty of collaboration between government, academia and the industry itself. But I really missed that feeling of making a tangible difference. I was craving the spirit of the start-up and scale-up, the impact you have on a business every day. And I’ve certainly felt both of those dimensions here. I love it.
“Building a balanced and representative team, from the ground up.”
“We’re a rapidly growing team and by the end of 2021 we will have quadrupled in size, with investment planned in our Customer Success, Sales, Marketing and Technical teams – and the People Team itself, as we shape our culture around the skills and mind-sets of the people we want and need. I’m encouraged that we have a 60% female leadership team and we’re conscious that we’ll be building a balanced and representative team. It’s so refreshing being able to build all this from the ground up, to put in place the right foundations and practices, to – and to look forward to seeing everyone share in the success of the company, through flexible working, share options and, of course, the satisfaction of knowing that you’re working for a unique company that’s leading the world from Cardiff. In fact, our biggest challenge right now is securing an office in Cardiff that matches our global brand position – somewhere extraordinary for something that’s remarkable.”
“It shows our fintechs can lead the world from Wales”
“We’ve had plenty of support on our journey to date – especially from the investment and ongoing support of Development Bank Wales. It’s great to feel part of something that’s taken root here in the region – it’s yet another positive energy for a business that’s succeeding by taking the stress and worry out of holding, using and acquiring cryptocurrency.”
For Sarah Williams-Gardener, Chair of Fintech Wales, the incredible rise of Coincover to become a world-leader in three short years is truly inspirational:
“It shows we can do it. It proves you can be a world-leading fintech based here in our region. And it’s a taste of what’s to come from fintech in Wales.”