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Disaster Recovery Service: Coincover

  • Updated

Overview

Fireblocks has partnered with Coincover to offer a comprehensive Disaster Recovery Service (DRS) that includes backing up and securely holding your private key material. The Disaster Recovery Service enables you to maintain access to your assets at all times, even if you lose access to all of your key shares, or if Fireblocks suspends operations permanently due to a non-recoverable disaster.

Learn more about Coincover's solution for Fireblocks customers.

What is included in the service?

Workspace Key Backup

Note

The Workspace Key Backup generation process is automatic. It occurs behind the scenes between Coincover and Fireblocks on your behalf. No action is required on your behalf besides keeping an eye out for confirmation from Fireblocks that the backup is complete.

If you use a third-party provider like Coincover for DRS, you don’t have to securely store and maintain an offline, air-gapped machine for reconstructing your private keys in case of a disaster. Coincover does this for you, saving you time and resources for onboarding and maintenance. You only need to create an offline machine if a disaster actually happens.

At any point, you can ask your third-party backup provider to destroy or replace your Workspace Key Backup. You might request this if your workspace Owner forgets their recovery passphrase and wants to replace their recovery package without using their previous recovery passphrase as a component for recovering your key shares.

The diagram below provides an overview of the Workspace Key Backup sent to Coincover.

3rd Party DRS.png

Key Share Backup for Owner users

When using Coincover for DRS, your workspace Owner’s key share is backed up with an auto-generated passphrase to enable recovery in case you forget the Owner’s Key Recovery passphrase and lose access to your Owner's key share. This can be for any of the following reasons:

  1. You make any changes to your device's biometric settings or lose your Fireblocks app PIN code.
  2. You lose or damage your device.
  3. You are replacing your device.
  4. You delete the Fireblocks mobile app from your device.

When Coincover backup is initiated by Fireblocks, your workspace Owner will need to complete the backup on their Fireblocks mobile app. 

The diagram below illustrates the structure of the Key Share Backup with an auto-generated passphrase.

3rd Party Key Share DRS.png

Note

For Workspace Key Recovery, you still have to remember your Owner's Recovery passphrase. Needing to perform a Workspace Key Recovery is rarer than needing to perform a Key Share Recovery. If you forget your Owner’s Recovery Passphrase, we strongly suggest resetting the passphrase and creating a new backup.

Disaster recovery actions

Onboarding to Coincover

  1. Legal and commercial agreements
    • Contact your Customer Success Manager to ask to onboard with Coincover.
    • You will sign a Fireblocks Third Party Letter Agreement.
    • Your Customer Success Manager will provide you with Coincover's Terms and Conditions to sign and a link to set up your Access Control List (ACL).
  2. Completion of Workspace Key Backup with Coincover
    • Make sure that the Owner’s device is activated and fully enrolled with the MPC key share.
    • Make sure that the Owner’s Fireblocks mobile app is updated to the latest version.
    • You will receive a confirmation once Coincover receives your Workspace Key Backup from Fireblocks.
  3. Initiation and completion of Key Share Backup with Coincover
    • Once your Workspace Key Backup is ready and sent to Coincover, the Owner will get a notification on their mobile device. 
    • The notification, together with an action card in the app itself, will also prompt the Owner to complete their Key Share Backup:
      • Tap the notification or the card to start the process.
      • Tap the Create backup button.
      • Enter your PIN.
      • Authenticate your identity using your mobile phone's biometrics.
      • You will see a message confirming the backup was completed.

        Note

        • Your workspace Owner must complete the above steps manually. If they do not complete these final steps in the process, your Key Share Backup will not be complete.
        • If the Owner recovery passphrase is reset, the workspace Owner was changed to a different user, or the Owner wants to initiate a test, contact Fireblocks Support to create a Workspace Key Backup and Key Share Backup for Coincover. 

We recommend that you read these articles to understand the concepts of Key Share Backup and Recovery and Workspace Key Backup and Recovery.

You can also learn more about third-party DRS Station70's solution. 

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