Ledger introduces Ledger Recover, a seed recovery service, amidst lingering concerns and criticisms from the crypto community. Is this the solution users need?
Ledger, the renowned crypto hardware wallet manufacturer, has unveiled Ledger Recover, a subscription-based seed recovery service provided by Coincover. This feature, currently accessible on Ledger Nano X, aims to enhance security by safeguarding users’ Secret Recovery Phrases.
With Ledger Recover, private keys undergo encryption and are split into three fragments. These fragments are then securely entrusted to three separate entities: Ledger, Coincover, and EscrowTech.
While Ledger offers free subscription for the first month, subsequent access comes at a monthly fee of €9.99, payable via Visa or Mastercard. Identity verification is mandatory, but Ledger asserts it’s a less intrusive process than typical KYC procedures.
Pascal Gauthier, Ledger’s CEO, emphasized the significance of this service. He stated, “Ledger Recover is the solution you need to stop worrying about getting locked out of your own Ledger.”
Despite the launch, skepticism still surrounds Ledger Recover. Concerns about private key security and allegations of backdoors persist, prompting mixed reactions within the crypto community.