Coinbase Announces Coinbase Custody COVID-19 Update

Cryptocurrency platform Coinbase recently announced a COVID-19 update for its Coinbase Custody feature. Coinbase reported that the Coinbase Custody pandemic business continuity plans anticipated “shelter in place” scenario and the Coinbase team has plans in place to ensure that continue to meet the team’s withdrawal SLAs.

“Coinbase Custody has extensive business continuity/disaster recovery plans in place, including a pandemic response plan. These plans provide direction to our internal teams and our vendors in the event that a disaster threatens to degrade our operations. Many of the existing design elements of Coinbase Custody’s cold storage operations have resilience features built in.”

Coinbase further explained Coinbase Custody has taken additional steps should a global pandemic outbreak occur at multiple sites, which are:

  • Establishing a plan to minimize our on-site staff requirement
  • Completing multiple key generation ceremonies in recent weeks to maintain its commitment to supporting new and existing assets
  • Recently performing a disaster recovery exercise of critical systems to confirm the operational effectiveness of the plan and playbooks

Coinbase went on to add:

“At present, we do not expect any disruption to withdrawal SLAs. As this situation develops we are committed to keeping you informed about how we are responding.”

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