Never lose access to your cryptocurrency
We all believe it will not happen to us, but the risks of losing your wallet private keys are well known. With Coincover you are protected in minutes.
Too often, you are forced to choose between handing over control to a third party and worrying about the security of your personal back-ups.
With Coincover Lost Key Cover, you no longer need to compromise. You remain in control of your cryptocurrency at all times for all your wallets.
It is estimated that around 4 million Bitcoins have been lost to date. Still visible on the blockchain, their owners cannot access them.
Today those lost Bitcoins are worth around thirty billion dollars, almost enough to buy eBay! They are locked forever.
Coincover helps you recover your cryptocurrency if you lose your private key.
Coincover has partnered with BitGo, market leader in corporate-grade multi-signature wallets to protect your cryptocurrency.
BitGo wallets provide our customers with complete control, secure custody and continued access of their funds.
On April 16, 2018, Matthew Mellon of the Mellon banking fortune died.
To his grave, he also took the location of the keys to a rather large amount of Ripple coin (XRP), another popular type of cryptocurrency.
Before his death he held an estimated $1 billion in Ripple, but without the keys none of the Ripple coin can be accessed
James Howells, a cryptocurrency miner in the early days of Bitcoin gathered 7,500 Bitcoins stored on a hard drive.
In 2013 he accidentally threw the hard drive away, along with access to his Bitcoins. The keys, along with all his other trash, ended up at a local dump.
In 2017 at the peak of Bitcoin value, his buried Bitcoin treasure would have been worth around $150,000,000.
In December 2018, Gerald Cotton, CEO of QuadrigaCX, Canada’s largest cryptocurrency exchange died unexpectedly.
Unfortunately for QuadrigaCX’s customers, Mr. Cotton was the only person who was able to access the customer private keys.
As a result over US$135M in customer funds held in safe keeping was deemed inaccessible, locked on the blockchain forever more.
Lost Key Protection from Coincover prevents you losing access to your money if you lose or corrupt your wallet private keys.
Protect your funds with multi-signature 3-key management and a backup key held securely offline.
Lost Key Cover is built on multi-signature (multi-sig) wallet technology. Multi-sig wallets require two or more private keys before the funds can be released.
BitGo multi-sig wallets consist of three private keys: one held by you, one held by BitGo and one held on your behalf by Coincover.
Two signatures are required on every transaction on a BitGo wallet and typically this is done by you and BitGo. But should you lose access, our dedicated team is waiting to help recover your funds as quickly as possible.
Secure key storage is the way we ensure you never lose access to your funds by creating and holding an emergency backup key to each of your wallets offline.
When you create a new wallet with BitGo and select Coincover to hold your back up key, BitGo request a key pair from us for your new wallet.
We send BitGo the public portion of the key which is allocated to your new wallet. The private backup key is stored offline with zero network exposure. It is fully encrypted, sharded using Multi-Party-Computation (MPC) and held in grade A free-standing six-sided vaults in multiple geographically dispersed locations in the United Kingdom.
Each vault is protected by multi-party access control with a minimum of three Coincover personnel in attendance for every recovery and verification.
Our first priority is the security of your funds. We will always confirm your identity before we initiate the recovery process to be sure we are recovering the funds for the owner. To ensure total transparency, we will keep you informed on progress and notify you as soon as your funds have been recovered.
- Contact us immediately to report the loss of access
- Your ID is verified and ownership of the wallet confirmed
- You create a new wallet to hold the recovered funds
- We securely sign the transaction to recover funds
- The wallet provider (in this case BitGo) securely counter-signs and your funds are then transferred to your new wallet
- We confirm the funds have been recovered to your new wallet
Our standard recovery process requires independent approval from at least one further named individual from the company in addition to the primary contact.
All named individuals must be on the Access Control List (ACL) approved by all parties and provide personal information such as a copy of their passport and proof of employment in your company.
In addition, all named individuals must have a BitGo account and a Coincover account and have completed the Know Your Customer ID checks.
We offer standard service levels or custom ones to suit your needs. Our security experts will work with you to understand your requirements and recommend the appropriate service levels your business.
We will arrange a call to understand your goals and operations quickly. We aim for a fast turnaround and businesses are typically on cover within 5 to 7 business days and in less time if you are already a BitGo customer.
Our standard service levels include:
- 24x7x365 support from our UK call centre
- Secure key storage for unlimited wallets
- Fund recovery for up to 24 wallets per calendar year
- Fund recovery within 7 days of verification
You can protect all your wallets provided they were created with our approved service provider BitGo, and you selected Coincover as the backup key holder.
Lost Key Cover protects all your wallets individually and collectively.