Popular hardware wallet company Ledger has unveiled a new cloud-based private key recovery tool called ‘Ledger Recover.’ Developed by blockchain protection platform Coincover, this tool will provide users with a way to recover their Secret Recovery Phrase (SRP), a list of 24 words used to regain access to their private keys in case they lose access to their digital asset wallet.
Features and Availability
Ledger Recover will initially be available to passport or identity card holders in the United States, Canada, the United Kingdom, and the European Union (EU). However, users will have to subscribe to the service with a monthly subscription fee of $9.99. It’s important to note that Ledger Recover is only compatible with the Ledger Nano X hardware wallet, with plans to expand compatibility to other Ledger devices in the future.
Insights from Charles Guilleme
Charles Guilleme, the Chief Technology Officer (CTO) of Ledger, spoke about the purpose and impact of the cloud-based private key recovery tool. According to Guilleme, Ledger Recover is designed to offer users an enhanced layer of resilience for their SRP, but it remains entirely optional. Users who are not interested in the service can continue to use Ledger’s hardware wallets without any issues. Guilleme also emphasized that Ledger Recover is an open-source solution, reflecting the company’s commitment to transparency and user security. The overall goal of Ledger is to make security and self-custody accessible to all users, especially newcomers to the crypto space.
On May 16, Ledger initially announced their plans for Ledger Recover, which aimed to enable users to protect their seed phrases by transmitting encrypted key fragments to trusted third parties. However, this announcement was met with criticism from the global crypto community. Many users expressed concern about the demand for private keys and personal information for “security purposes.” As a result, some influential figures in the community, such as “@Alistair Milne” and “@ColinTCrypto,” have expressed their skepticism and are considering alternative solutions.
With the launch of Ledger Recover, there is potential for a resurgence of criticism surrounding hardware wallets and their impact on the crypto landscape. However, Ledger remains committed to providing users with secure and easy-to-use solutions while addressing concerns raised by the community.
