The backup and recovery process for the collateral workspace works differently from that of your standard Fireblocks workspace (DRS). This is because the ability to independently access the private keys to the collateral workspace circumvents the collateral locking mechanism and impacts the confidence of the exchange to provide you with the available balance for trading.
As a part of the Off-Exchange product onboarding process, unless exempted by the Exchange, a DRS kit for your collateral workspace is created and delivered to CoinCover.
Owner's mobile key share encrypted with AGP
The Owner's mobile key share is encrypted with the Auto-Generated Passphrase option to ensure no party has access to the full backup material.
In the case of an extended outage on Fireblocks' side:
- The Exchange (or your organization and the Exchange together) may approach CoinCover to initiate recovery of the DRS kits
- CoinCover independently verifies the outage
- CoinCover assists with the delivery of the DRS kits to the Exchange and notifies you of that
- The Exchange performs the recovery and moves the assets from off-exchange (CVAs) to regular Exchange accounts