Fireblocks taps Crypto insurance company Coincover for third-party key recovery service

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Cryptocurrency custody specialist Fireblocks has deepened its relationship with UK-based digital asset protection and insurance company Coincover, doubling down on crypto key backup and disaster recovery.

Fireblocks, which uses a smart key-sharing technology called multiparty compute, encourages customers to independently back up their keys and combine them with third-party disaster recovery services from Coincover, one of the first crypto companies to work with Lloyd’s. of London.

We’re pretty well known for crypto insurance, but that has to do with our disaster recovery coin, said Oliver Cummings, director of strategy and partnerships at Coincovers. This is where we become a third party within Fireblocks and its customer relationships. It’s almost like an icebreaker solution, so if something happens to the client or Fireblocks, we could recover that wallet for the client.

Bringing belt-and-brace assurances to any area of ​​crypto risk right now will play well with institutional investors, many of whom have dispersed amid the fallout from the failure of crypto exchange FTX and others.

Cummings said customers can rely on Coincover as a third party with very fixed processes in place and a standard service level agreement.

Much of the ambiguity arises when companies do their own backup in their own way. We have a proven approach to disaster recovery,” Cummings noted.

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