Coinbase Custody COVID-19 Update

Coinbase

Given “shelter in place” orders issued around the U.S. as a result of COVID-19, we wanted to keep you updated on information about our response to this development as well as the security and accessibility of your assets over the next few weeks. To read about the broader actions being taken by Coinbase, see a recent blog from our founder and CEO, Brian Armstrong.

In summary, the Coinbase Custody pandemic business continuity plans anticipated this scenario and we have plans in place to ensure we continue to meet our withdrawal SLAs. We are actively in contact with Bay Area officials and are closely monitoring the situation as it develops. We will communicate out if we foresee any degradation to SLAs.

We sent out an email a few weeks ago on our continuity of operations plans and Coinbase continues to publish information about both the outbreak and our response here. In review:

Continuity of Operations

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 Custody has taken additional steps should a global pandemic outbreak occur at multiple sites. These steps include:

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

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. Please let us know if you have additional questions or concerns.

Sincerely,

The Coinbase Custody Team