{"id":180167,"date":"2023-10-24T21:15:33","date_gmt":"2023-10-24T15:45:33","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=180167"},"modified":"2023-10-24T21:15:33","modified_gmt":"2023-10-24T15:45:33","slug":"ledger-hardware-wallet-rolls-out-cloud-based-private-key-recovery-tool-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ledger-hardware-wallet-rolls-out-cloud-based-private-key-recovery-tool-crypto-news\/","title":{"rendered":"Ledger hardware wallet rolls out cloud-based private key recovery tool – Crypto News"},"content":{"rendered":"
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Hardware wallet firm Ledger is rolling out its cloud-based private key<\/a> recovery solution despite facing significant criticism from the crypto community.<\/p>\n

Ledger Recover, an ID-based private key recovery service for the Ledger hardware wallet, is launching on Oct. 24, the firm officially announced<\/a> on X (formerly Twitter). The release comes in conjunction with Ledger finalizing<\/a> the open-source code for the Ledger Recover on GitHub.<\/p>\n

Provided by blockchain protection platform Coincover, Ledger\u2019s seed phrase recovery solution is a paid subscription service allowing users to back up their Secret Recovery Phrase (SRP). SRP is a unique list of 24 words that backs up the private keys and gives users access to their crypto assets.<\/p>\n

Ledger Recover was designed for users who \u201cwant to add an enhanced layer of resilience\u201d in case their SRP is ever lost or destroyed, Ledger\u2019s chief technology officer Charles Guillemet said. He also emphasized that Ledger Recover is an optional recovery service, adding:<\/p>\n

\u201cIf you don\u2019t wish to use the service, no worries \u2014 it\u2019ll always be 100% optional. You can simply continue using your Ledger as you did previously \u2014 nothing will change.\u201d<\/p><\/blockquote>\n

At launch, Ledger Recover is compatible with Ledger Nano X, with Ledger Stax and Ledger Nano S Plus integration coming in the near future. The solution is not compatible with Ledger Nano S, according<\/a> to the Ledger Recover FAQ.<\/p>\n

Ledger Recover is initially available to passport or identity card holders in the United States, Canada, the United Kingdom and the European Union. \u201cWe will be covering more countries and adding support for more documents,\u201d Ledger said.<\/p>\n

The firm emphasized that Ledger Recover\u2019s identity verification \u201cis not the same\u201d as Know Your Customer (KYC) checks carried out by centralized crypto exchanges. Ledger noted that its recovery system only requires a \u201cvalid, government-issued document,\u201d stating:<\/p>\n

\u201cIdentity verification inherently collects much less information compared to KYC […] KYC involves ID verification but it can also include revenue information, record of criminal activity, citizenship check, etc.\u201d<\/p><\/blockquote>\n

According<\/a> to social media posts, the Ledger Recovery service will be available at $9.99 per month, or about $120 per year. If a user fails to pay the subscription, the subscription will be suspended, allowing the user to reactivate the subscription in the next nine months.<\/p>\n

Related: <\/em><\/strong>ETF filings changed the Bitcoin narrative overnight \u2014 Ledger CEO<\/em><\/strong><\/a><\/p>\n

\u201cYou will need to pay an administration fee of 50 EUR along with any outstanding balance,\u201d Ledger Recover FAQ reads.<\/p>\n

The rollout comes months after Ledger paused the recovery service<\/a> in May 2023 in response to community backlash. Ledger CEO Pascal Gauthier subsequently said that the firm will\u00a0launch the product once its open-source code is released<\/a>.<\/p>\n

Ledger\u2019s largest competitor, Trezor, has stayed away from introducing a cloud-based private key recovery solution, opting for a physical backup solution. Trezor launched its own physical seed phrase recovery tool<\/a>, Trezor Keep Metal, in mid-October 2023.<\/p>\n

Magazine: <\/em><\/strong>How to protect your crypto in a volatile market \u2014 Bitcoin OGs and experts weigh in<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Hardware wallet firm Ledger is rolling out its cloud-based private key recovery solution despite facing significant criticism from the crypto community. Ledger Recover, an ID-based private key recovery service for the Ledger hardware wallet, is launching on Oct. 24, the firm officially announced on X (formerly Twitter). The release comes in conjunction with Ledger finalizing […]<\/p>\n","protected":false},"author":2,"featured_media":180168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-180167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=180167"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180167\/revisions"}],"predecessor-version":[{"id":180170,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180167\/revisions\/180170"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/180168"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=180167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=180167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=180167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}