Fireblocks

What happens when you sign up?

01 - Identify

Let us know who is authorised to request recoveries on your behalf and we’ll add them to your Access Control List (ACL). ACL members will then complete identity and document checks online to enable them to request recovery.

02 - Protect

When you onboard with Fireblocks, a User Key encrypted with a recovery password will automatically be applied to your account. As soon as you’ve completed your ID checks and paid your invoice, your protection will be activated.

03 - Test

As part of your onboarding with Coincover, we will run a test recovery, so you understand the recovery process. We’ll walk you through each step and let you know when the test has been successfully completed.

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Frequently Asked Questions

Backup

Recovery

Coincover

Where do you store the keys?

Cryptographic key materials are stored offline in a Federal Standard (FED STD) 832 Class A vault across multiple locations. They are stored with alarms linked to armed police and physical barriers.

How are keys encrypted?

Fireblocks will work with you to create an encrypted backup and send it to us. We store that securely. If you ever need access to it, that’s when we undertake our recovery offline in a secure environment.

Is there a chance you might lose a key?

When we create a key it is sharded and the shards are distributed around multiple hard drives and stored in multiple offline vaults. We have redundancy in our processes and an internal access control list which requires three Coincover employees to retrieve the key.

How are the keys sent to Coincover?

Keys are sent via secure zip file, then opened within AWS. Some are encrypted with a public key and private key – decrypted with a passphrase and a public key.

Are there regulatory requirements for private key backup?

There are explicit requirements for private key backup in Germany, Switzerland, Canada and Japan. It is less explicit in the UK and has been hinted at by US regulators. South Korea and middle-Eastern countries are exploring these requirements. Ultimately we think it’s a matter of time before this becomes mandatory.

Whichever regulatory environment you operate in, it is part of your Fireblocks Subscription License Agreement to have backup and recovery in place.

Does Coincover store the owner passphrase in case of hard recovery?

Coincover does not store the owner passphrase, this is the sole responsibility of the owner. However, it’s worth noting that because we verify the identity of anyone making a recovery request, the owner passphrase itself could be backed up in-house.

How do you ensure that, should Fireblocks go offline, our business will be able to recover our keys in all scenarios?

What happens if Coincover were to go out of business?

Digital Asset Recovery Limited (DAR) will act as escrow services provider. This is a separate entity that we have set up and funded to act on our behalf to recover key materials in this instance.

Coincover customers who have purchased key recovery services will always be able to access and use their digital assets as there will be independent and measured arrangements in place to secure the safety and recoverability of our customers’ assets.

Are Coincover a custodian?

No - Coincover do not act as a custodian. We never have access to your private keys and ultimate control of assets remains with you.

Could the UK government direct you to freeze our private key?

The private keys we hold are the property of our customers and as such, conform to UK property legislation. The United Kingdom has some of the oldest, most protective, and tested property legislation anywhere in the world with many centuries of legal precedent. The UK legal system sits independently of the government and as such it would be implausible, and nearly impossible for the UK government to make any such request. Anecdotally, this is one of the reasons that UK properties are frequently sold to overseas investors who take comfort in the high-quality legislative protection offered to them.

Keep your Fireblocks assets safe

What happens when you sign up?

Who we work with

Fireblocks Key Recovery Package

Frequently Asked Questions

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