Deposit Protection Guarantee​ Terms & Conditions

In the event that a business with Coincover Deposit Protection Guarantee ceases operations due to business failure, catastrophic systems failure, or catastrophic data loss that results in its customers being permanently unable to access funds in their wallets, the Deposit Guarantee scheme will access and recover funds on their customers behalf.

In the event that a business with Coincover Deposit Protection Guarantee ceases operations as described above, Coincover will manage the recovery and movement of funds to another service provider or alternative wallet for any customer who can no longer access their wallets and funds.  

Customers will be provided with the relevant contact details following the incident. For security purposes, recovery will only take place once the customer passes full ID verification checks and is confirmed as the wallet holder.

Businesses with Coincover Deposit Protection Guarantee will show on their website that they are protected by displaying the Coincover deposit protection logo. Customers can and should also check the status of the deposit protection guarantee at the Coincover website where the certificate of coverage will be stored for public viewing.

In the majority of cases where a business displays on site that its customers have Deposit Guarantee, the customer is protected automatically when they create an account and receive confirmation that their funds are protected by Coincover Deposit Protection Guarantee. If you are not sure or didn’t receive a confirmation, please always check with your provider. You can also check the status of any company offering the Coincover Deposit Protection Guarantee at coincover.com.

Coincover is able to recover funds should a customer lose access to their wallet. In the case the customer loses access they should first contact the company they are doing business with and follow the fund recovery process.

Coincover is committed to recovering your funds as quickly as possible. However, each customer recovering their funds must pass full ID verification checks and be confirmed as the wallet holder before the recovery can take place and must be processed individually. Typically a standard fund recovery will take 7 days from the recovery request.

However, in the event that a business with Coincover Deposit Protection Guarantee ceases operations and funds become inaccessible, this will result in large volumes to process and is likely to take longer. If this is the case, we will keep all customers informed of the progress of recoveries.

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 one of our partners with Coincover Deposit Protection Guarantee, a key pair is requested from us for your new wallet.
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The public portion of the key is allocated to your new wallet. The private backup key is stored by Coincover offline with zero network exposure. It is fully encrypted, sharded 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 ensure that you are kept informed on progress and are notified as soon as your funds have been recovered.
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Step 1: The first step in the process is for us to confirm your ID and verify ownership of the wallet confirmed.
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Step 2: We will help you to create a new wallet to hold the recovered funds.

Step 3: We confirm the funds have been recovered to your new wallet.

All customers must have their Identity validated and ownership of funds confirmed before a recovery can take place. This will be checked when a customer requests a recovery.

Coincover Deposit Protection Guarantee is available to businesses globally with the exception of countries or jurisdictions prohibited by the UK or USA governments.

For businesses that have the Coincover Deposit Protection Guarantee, coverage can include one or more of the following currencies depending upon the nature of the business holding the Deposit Protection Guarantee.
• Bitcoin
• Ethereum
• Bitcoin Cash
• Bitcoin SV
• Ripple
• Stellar
• Dash
• ZCash
• Litecoin
• 200+ ERC20 tokens

Please confirm with your Provider. Alternatively, you can view the current status of the Coincover Deposit Protection Guarantee for a given business at coincover.com.

Yes, Coincover will recover the full value of the funds in your wallet.