Cardiff, UK — 19th January 2023 — Coincover, the leading digital asset protection technology company, today announces a new partnership with Fireblocks, an easy-to-use platform to create innovative products on the blockchain and manage day-to-day crypto operations. The partnership provides Fireblocks customers with a secure alternative for key backup and disaster recovery to ensure that users have access to and are in control of their assets at all times.
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.
For Fireblocks, having full control over one’s assets is firmly at the core of our principles.
“A major part of that includes our customers’ ability to recover their own private keys,” said Adam Levine, Vice President and Head of Corporate Strategy at Fireblocks. “Our partnership with Coincover provides our customers with an additional layer of security in the event that our customers lose access to all their key shares. When used in combination with self storage, our customers are guaranteed business continuity, even in the face of market disruption.”
Oliver Cummings, Strategy & Partnerships Director at Coincover added: “It’s no secret that losing access to assets is the most pressing threat to crypto adoption; our 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. We believe that crypto security and investor protection in digital assets hold the key to market recovery. The industry needs to build more security into every facet of its operations to prevent these instances of digital theft and instil confidence in the market again.”
The industry needs to build more security into every facet of its operations.
Cummings continued: “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. We are delighted to partner with Fireblocks – one of the fastest growing businesses in the blockchain space – to help accelerate our mission to make digital assets safe for everyone to hold and use. As Fireblocks has already been so proactive in helping customers secure themselves against loss of access to their digital assets, this new partnership will no doubt help in moving the dial towards greater adoption of crypto, as investors finally have a solution that can mitigate this risk.”
