How is the transaction fee handled? Who pays for it?

Fireblocks Off Exchange settlement transactions are on-chain transactions. An exchange normally estimates future fees once crediting a trader account (relying on the CVA locked assets). One exchange may choose to credit 1:1 (e.g 1 BTC credit for each 1 BTC in CVA), while another exchange would ask for settlements earlier, but credit 0.8:1, in order to keep aside an amount to cover settlement transactions’ network fees.

What is the pricing for this solution?

Contact your Sales Director or CSM for pricing.

How does this solution interact with my TAP?

Transactions to add and remove collateral go through the main workspace’s TAP as if they are exchange related transactions. Settlement transactions are not subject to the TAP, they are sent to all the collateral workspace’s users who have signing permissions, and can be signed by each of these users.

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-based activity and nothing else.

What happens if the Exchange is unresponsive?

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

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?

Calculations are performed by each exchange.

What happens if Fireblocks is unavailable?

In case Fireblocks becomes unavailable for longer than the SLA, the recovery kit - if it was created and stored at a third-party in advance - can be utilized.

What happens if I completed the settlement and the exchange did not? Or vice versa?

As a first step, contact the exchange support team. You can also create a new settlement in order 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 off-board from 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 ask to add a specific exchange to this service, contact your Customer Success Manager.