As a non-custodial and direct-custody technology provider, Fireblocks believes that users should have total control of their own assets, including where and how they store their assets, in order to further mitigate counterparty risk. With this objective in mind, Fireblocks provides disaster recovery options for how customers recover from a loss of access to their keys or how customers may recover in the event of Fireblocks service disruptions.
Fireblocks requires all customers to either: independently backup their keys, engage the disaster recovery services of a third-party service provider, such as Coincover, or use a combination of self-storage and third-party disaster recovery service for added redundancy and recoverability.
Commenting on the partnership, officials form Fireblocks said that their partnership with Coincover provides their customers with an additional layer of security in the event that customers lose access to all their key shares. When used in combination with self-storage, clients are guaranteed business continuity, even in the face of market disruption.
Officials from Coincover added that it’s no secret that losing access to assets is the most pressing threat to crypto adoption. Their research revealed that almost two-thirds (65%) of people are worried about the rise of crypto fraud. Recent events in the digital asset market have shaken the trust and confidence of both retail investors and institutions to the core. They believe that crypto security and investor protection in digital assets hold the key to market recovery.
Early pioneers may have been comfortable with managing their own risk, but – for wider adoption – investing money with a digital wallet or exchange should feel as safe as storing cash in a bank. The partnership between the two companies aims to help accelerate the mission to make digital assets safe for everyone to hold and use. As Fireblocks has already been proactive in helping customers secure themselves against loss of access to their digital assets, this new collaboration will certainly help in moving the dial towards greater adoption of crypto, as investors finally have a solution that can mitigate this risk.
Coincover is on a mission to make crypto safe for everyone to hold and use. Its preventative technology is designed to help investors and crypto companies protect their digital assets, reduce their risk exposure, and future proof their business.
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. The company enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure.
Fireblocks serves over 1,500 financial institutions, has secured the transfer of over USD 3 trillion in digital assets and has a unique insurance policy that covers assets in storage and transit.
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