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Fireblocks, which employs a clever key sharding technology called multi-party computation, encourages customers to independently back up their keys and combine that with third party disaster recovery services from Coincover, one of the first crypto firms to work with Lloyd's of London. Bringing belt and braces assurances to any area of crypto risk at the moment is going to play well with institutional investors, many of whom have scattered amid the fallout from failed crypto exchange FTX and others.
“We’re quite well known for crypto insurance, but this is to do with our disaster recovery piece,” said Oliver Cummings, Coincover’s director of strategy and partnerships. “It’s where we become a third party within Fireblocks and its client relationships. It’s almost like a break-glass solution so if something happens to the client, or to Fireblocks, we could recover that wallet for the customer.”
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