Ledger, the renowned hardware wallet manufacturer, is set to launch its cloud-based private key recovery solution, despite earlier criticisms from the crypto community. Ledger Recover, an identity-based private key recovery service designed for Ledger hardware wallet users, will officially launch on October 24. This release coincides with Ledger finalizing the open-source code for Ledger Recover on GitHub.
This service, provided by the blockchain protection platform Coincover, allows users to subscribe to a paid service for backing up their Secret Recovery Phrase (SRP). The SRP consists of a unique list of 24 words that serves as a backup for private keys, granting users access to their crypto assets.
Charles Guillemet, Chief Technology Officer at Ledger, explained that Ledger Recover is designed for users seeking an added layer of resilience in case their SRP is ever lost or destroyed. It’s important to note that using Ledger Recover is entirely optional, and those who choose not to use the service can continue using their Ledger wallet as they did before.
Initially, Ledger Recover will be compatible with Ledger Nano X, with plans to integrate it with Ledger Stax and Ledger Nano S Plus in the near future. It’s worth mentioning that Ledger Nano S is not compatible with this solution, as per the Ledger Recover FAQ.
Upon its launch, Ledger Recover will initially be accessible to individuals holding passports or identity cards within the United States, Canada, the United Kingdom, and the European Union. Ledger has intentions to extend this accessibility to encompass a broader range of countries and accept various forms of documentation.
Ledger emphasized that the identity verification required for Ledger Recover is not the same as Know Your Customer (KYC) checks performed by centralized cryptocurrency exchanges. The process only requires a valid government-issued document and collects far less information compared to KYC, which may include additional details like revenue information, criminal history, and citizenship checks.
The Ledger Recovery service is expected to be available for a subscription fee of $9.99 per month or approximately $120 per year. Users who fail to maintain their subscription will have it suspended but can reactivate it within the following nine months, albeit with an administration fee of 50 EUR, along with any outstanding balance.