Hardware wallet company Ledger is launching its Ledger Recover service, which offers an ID-based private key recovery solution for Ledger hardware wallet users. This release is in conjunction with Ledger finalizing the open-source code for Ledger Recover on GitHub.
Ledger Recover, powered by blockchain protection platform Coincover, is a subscription service that allows users to back up their Secret Recovery Phrase (SRP). The SRP consists of a unique list of 24 words that serves as a backup for private keys and provides access to crypto assets.
This service is designed for users who want an extra layer of resilience in case they lose or destroy their SRP. Ledger’s CTO, Charles Guillemet, emphasized that Ledger Recover is an optional service, so users who prefer not to use it can continue using their Ledger hardware wallets as they always have. At the launch, Ledger Recover is compatible with Ledger Nano X, with Ledger Stax and Ledger Nano S Plus integration planned for the future. However, it is not compatible with Ledger Nano S.
Initially, Ledger Recover will be available to passport or identity card holders in the United States, Canada, the United Kingdom, and the European Union. Ledger has plans to expand its coverage to more countries and support additional forms of identification.
Ledger stressed that the identity verification process for Ledger Recover is not the same as the Know Your Customer (KYC) checks performed by centralized cryptocurrency exchanges. Identity verification for Ledger Recover only requires a valid government-issued document, while KYC checks can involve more extensive information, such as income details, criminal history, and citizenship.
The Ledger Recover service will be available at a subscription cost of $9.99 per month, or approximately $120 per year. If a user fails to pay the subscription, it will be suspended, and the user can reactivate it within the next nine months by paying a 50 EUR administration fee along with any outstanding balance.
This rollout comes after Ledger temporarily suspended the recovery service in May 2023 due to community criticism. Ledger CEO Pascal Gauthier announced that the service would resume once its open-source code was made available. It’s worth noting that Ledger’s primary competitor, Trezor, has opted for a physical backup solution, with the introduction of its physical seed phrase recovery tool, Trezor Keep Metal, in mid-October 2023.
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