How are transaction fees handled? Who pays for it?

Fireblocks Off-Exchange settlement transactions are on-chain transactions. An exchange normally estimates future fees when crediting a trading account (based on the Collateral Vault Account (CVA) locked assets). One exchange may choose to credit 1:1 (for example, 1 BTC credit for each 1 BTC in the CVA), while another exchange might require earlier settlement, but credit at a ratio of 0.8:1, to reserve an amount that covers the settlement transaction fees.

What is the pricing for this solution?

Contact your Sales Director or CSM for pricing.

How does this solution interact with my Policies?

Transactions sent to the CVA require approval by the Off-Exchange settlement signer group.

Settlement transactions are not subject to the Policies. When a settlement transaction is sent from the CVA, a notification is sent to all users with signing permission in the collateral workspace for approval and signing. 

Are funds in the CVA covered by insurance?

Fireblocks does not specifically insure the CVA. Our platform as a whole is protected by our general insurance coverage.

Are there any usage limitations for the Collateral Workspace?

The Collateral Workspace should only be used for Fireblocks Off-Exchange activity and nothing else.

What happens if the Exchange is unresponsive?

As a first step, contact the exchange support team. If they are unresponsive for longer than the SLA, apply for a CVA unlock.

What do I do if I transfer assets directly to the exchange account instead of adding collateral?

You can withdraw the assets from the exchange and then add collateral from your primary Fireblocks workspace as usual. Contact the exchange if you have issues withdrawing from the account. 

What can I do if I get incorrect settlement instructions?

1. Settlement transactions can be denied/rejected either via the Fireblocks mobile app signing screen or through your API user’s preconfiguration.
   • Denying/Rejecting a settlement transaction prevents the settlement from moving to the Collateral Signer for auto-signing due to inactivity once the SLA is reached.
   • Denying a settlement transaction means that you are flagging an issue with the settlement instruction. In this case, contact the exchange to agree on new settlement terms as soon as possible.
   • Fireblocks and the exchange will concurrently conduct investigations to determine if the incorrect settlement instructions are a result of a technical issue or a third-party malicious attack. Investigations will be conducted within a certain predefined time period.
   • Once new settlement terms are agreed upon or the issue is resolved, the exchange can send new settlement instructions to Fireblocks. Fireblocks then initiates a new settlement with a new settlement ID, based on the agreed settlement terms.
2. In case the exchange remains unresponsive after the SLA expires, or the settlement instructions remain incorrect, you may apply for a CVA unlock. 
3. Applying for a CVA unlock initiates a process between Fireblocks and the exchange, designed to determine whether the CVA unlock terms are met. Fireblocks has clear SLAs for unlocking CVAs.

4. After the time period allocated for investigations is concluded, the exchange has the option to still continue with the originally issued settlement if they deem it to be accurate. Should you still disagree with the settlement, you should attempt to resolve the issue with the exchange pursuant to your agreement with them.

   Note:

   Forcing settlement terms would involve sending assets from the CVA to the exchange, by signing the transaction with the Collateral Signer.

How are settlement amounts calculated?

Each exchange performs its own settlement calculations according to their SLA.

What happens if Fireblocks is unavailable?

If Fireblocks becomes unavailable for longer than the SLA, your recovery kit can be utilized, if it was created and safely stored in advance.

What happens if I complete the settlement but the exchange does not? Or vice versa?

As a first step, contact the exchange support team. You can also create a new settlement to settle unsettled amounts.

What happens if I miss the SLAs?

If you do not dispute settlement transactions, and the SLA is missed, the Collateral Signer user will automatically sign these transactions.

How can I opt out of the solution?

Settle all your accounts, remove all the collateral, and then contact Fireblocks support.

What other Exchanges are due to be added? Can I request to add an Exchange?

We are working on onboarding more exchanges to the Fireblocks Off Exchange solution. To request a specific exchange for this service, contact your Customer Success Manager.