Smart wallet infrastructure provider Safe has announced its partnership with Sygnum Bank and CoinCover to launch a curated suite of crypto recovery options called the “Safe Recovery Hub.” This new service aims to address the challenges faced by users in key management and offers a range of recovery solutions tailored to individual risk preferences.
The Wide Range of Recovery Options
The Safe Recovery Hub provides users with various recovery options, including self-custodial and social recovery. By optimizing a key recovery solution that fits their risk preferences, users can regain access to their digital asset accounts.
“Safe Recovery Hub enables users to optimize a key recovery solution to fit their personal risk preferences,” explains Lukas Schor, co-founder at Safe.
In addition to self-recovery, users can also designate family members, friends, and trusted third-party service providers, such as Sygnum Bank and CoinCover, as “recoverers” who can assist in the recovery process. This collaborative approach ensures that users have multiple options available to regain access to their digital assets.
The Importance of Reliable Institutional Recovery Solutions
“This partnership to build a dynamic and secure recovery solution reflects our commitment to meet the evolving needs of institutional investors,” says Thomas Eichenberger, Chief Product Officer at Sygnum Bank.
The growing need for reliable institutional recovery solutions is emphasized, as many users have lost access to their assets due to forgotten keys. According to a GitHub post, more than 900,000 ETH (worth $1.92 billion) are currently inaccessible to users.
The Safe Recovery Hub aims to fill this gap by providing a comprehensive suite of recovery options. Users retain full control and have the right to cancel any recovery attempt, ensuring that their digital assets remain secure.
The Safe Recovery Hub will be available to users of Safe wallet, with partner services from Sygnum Bank and CoinCover expected to debut in the first half of 2024.
