Coincover: Crypto currency insurer uses Datalytyx for blockchain and business analytics
Crypto currency insurer Coincover Leverages Datalytyx’s Blockchain and Business Analytics Expertise to Create a Scalable and High-performing Analytics Enterprise Ecosystem.
“Datalytyx provided a one-stop-shop solution which has set us on a path to scalable, high-performing analytics.”
The Business Challenge
Established in 2018 by two leaders from the UK’s Royal Mint, Coincover is a blockchain protection company that protects crypto investors and those that interact with blockchain technology from various types of risk — lost private keys, hacks and fraud, etc. Coincover’s solutions secure, prevent and compensate blockchain companies and their users from such issues by using a mix of clever technology to protect blockchain transactions and assets. With deep knowledge of how the financial markets are regulating cryptocurrencies, and a rapid growth in their business, Following Series A funding of USD 9M in 2021, and a growth funding of USD 30M in early 2023, Coincover is well on the path to becoming a significant protection solution in the crypto and wider blockchain space.
Coincover’s rapid growth in the blockchain and crypto protection space had necessitated a dedicated analytics platform to effectively analyse various aspects of their business. “Coincover is in high demand, as businesses and consumers scramble to protect their digital assets” commented founder and CEO David Janczewski. Coinvover was thus looking to build an efficient, accurate, scalable and sustainable enterprise analytics ecosystem to manage their operations and sources of blockchain data.
Snowflake and DataOps proof of concept
Datalytyx specializes in deploying analytics platforms using services built for the cloud, such as Snowflake and DataOps for Snowflake. For a fintech start-up like Coincover, this provides two distinct advantages. One, the ability to start with a very low up-front capital outlay, and two, to build a platform that can grow seamlessly, without the need for step-changes along the way.
“Datalytyx immediately understood our situation and proposed a low-cost proof-of-concept (POC) to demonstrate the power of Snowflake. This included taking data from four diverse sources and providing ways to extract value from that data – all in only four weeks,” says Rhys Thomas, Head of Strategic Programmes. “We included one of our business users in the POC, to really test that the platform could deliver value quickly. Datalytyx quickly developed a way to run our report at any time, joining together data from two important sources. This delivered real business benefit from the POC, which certainly helped win the support of senior stakeholders.”
Coincover uses AWS as their cloud hosting platform. According to Senior Data Analyst Vadims Tumulanovs, “The introduction of the platform Datalytyx proposed was very easy, integrating quickly and seamlessly with our existing systems. I was concerned about how an agile approach to data processing could be achieved, but the DataOps for Snowflake product Datalytyx recommended delivered everything in one go. This saved a huge amount of effort, achieving results very quickly.”
One data source stood out from the rest: blockchain data about Coincover’s customers’ crypto-currency transactions. Coincover needed a repository to hold such data in the longer term, allowing historical reporting of trends and volumes. Snowflake’s ability to store data at the same price as basic AWS storage, and only incur compute costs when actually carrying out queries, created a very cost-effective and fast-performing solution.
Coincover’s Head of Operations, Mike Campbell, has this to say, “Datalytyx provided a one-stop-shop solution which has set us on a path to scalable, high-performing analytics. The speed and low cost of achieving this has been extremely satisfactory. What’s more, they have guided us, and provided us with self-sufficiency so we can continue the journey largely under our own steam. We’ve learned a lot in a short space of time, about how modern analytics technologies like Snowflake and DataOps are a huge step up from the past. The Datalytyx team were knowledgeable and fun to work with; the whole experience has been ideal.”
For Peter Chase, Account Director at Datalytyx, this has been a fulfilling project. “It’s been very satisfying to help such an ambitious fintech startup,” he says. “The DataOps for Snowflake software in particular provided a well-managed development environment for data, whilst still achieving the agility Coincover wanted. Tooling to provide all the CI/CD, scheduling, documentation and workload management would typically take weeks to set up and integrate – but, like other customers we’ve served, Coincover has seen how one product can provide all of this straight out of the box.”
Exciting fintech start-up protecting crypto-currency holders (commercial and personal) from fraud and other risks.
Financial Services, Insurance
Build an analytics platform with a low start-up cost, which could scale smoothly as the company grows, ingesting data, transforming it and deriving insights.
- Snowflake and DataOps SAAS solutions implementation on AWS for a complete data pipeline development framework
- Knowledge transfer to the client
Implemented in just four weeks, our dedicated, low-cost, scalable analytics platform enabled the client to
- Aggregate data from all business systems
- Deliver insights to enhance customer experience
- Gain intelligence about crypto-currency trading patterns.
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