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The CEO of Ledger has notified the owners of the Ledger Nano X hardware crypto wallet about the availability of a solution for wallet recovery, which involves transferring parts of the seed phrase to third-party holders.
Pascal Gauthier announced that the corresponding service from Coincover is available to all users of Ledger Nano X from October 24. Recovery involves encrypting, duplicating, and splitting users ' private keys into three parts that are stored by three different parties: Ledger, the cryptographic security firm Coincover, and an independent backup service provider.
"Let's be clear: too many people have lost their digital assets because they lost the secret recovery phrase. This risk prevents people from using cryptocurrency and, of course, self-storage. If we don't develop safe ways to return assets to people, cryptocurrency will never become mainstream," the CEO explained.
Gauthier gave an example: about 30% of the total number of bitcoins were lost only because people somehow touched their passwords and forgot the key phrase. According to the head of Ledger, the fear of losing access to cryptoassets is the main obstacle to their adoption by all mankind.
As a reminder, the Ledger Recover cloud solution for access recovery is a paid service ($9.9) and allows owners of Ledger Nano X to create backup copies of the recovery secret phrase (SRP).
The official launch of the recovery service took place a few months after Ledger suspended work on the project in May 2023. Then, in response to the negative reaction of the community, CEO Pascal Gaultier said that the company will launch the product as soon as its open source code is released on GitHub.
Pascal Gauthier announced that the corresponding service from Coincover is available to all users of Ledger Nano X from October 24. Recovery involves encrypting, duplicating, and splitting users ' private keys into three parts that are stored by three different parties: Ledger, the cryptographic security firm Coincover, and an independent backup service provider.
"Let's be clear: too many people have lost their digital assets because they lost the secret recovery phrase. This risk prevents people from using cryptocurrency and, of course, self-storage. If we don't develop safe ways to return assets to people, cryptocurrency will never become mainstream," the CEO explained.
Gauthier gave an example: about 30% of the total number of bitcoins were lost only because people somehow touched their passwords and forgot the key phrase. According to the head of Ledger, the fear of losing access to cryptoassets is the main obstacle to their adoption by all mankind.
As a reminder, the Ledger Recover cloud solution for access recovery is a paid service ($9.9) and allows owners of Ledger Nano X to create backup copies of the recovery secret phrase (SRP).
The official launch of the recovery service took place a few months after Ledger suspended work on the project in May 2023. Then, in response to the negative reaction of the community, CEO Pascal Gaultier said that the company will launch the product as soon as its open source code is released on GitHub.
