Popular hardware wallet company Ledger has launched a cloud-based private key recovery tool called ‘Ledger Recover.’
According to the official X announcement on October 24, Coincover, a renowned blockchain protection platform, designed the recovery tool. Ledger Recover will provide users an entry point to recover their Secret Recovery Phrase (SRP.)
SRP is a rambled list of 24 words used to regain access to one’s private keys when unable to access the digital asset wallet.
Initially, with plans for a wider rollout, Ledger Recover will be available to passport or identity card holders in the United States, Canada, the United Kingdom, and the European Union (EU).
However, a subscription to the new recovery solution is not free. Hardware wallet enthusiasts must pay a monthly billed subscription fee of $9.99.
Moreover, Ledger Recover will only be compatible with the Ledger Nano X hardware wallet, not the Ledger Nano S. The hardware company plans to add the Ledger Nano S Plus and Ledger Stax in the near future.
Charles Guilleme, the current Chief Technology Officer (CTO) of Ledger, took to X to provide vital information on the inner workings and broader impact of the cloud-based private key recovery tool.
Guilleme stated that the Ledger Recover service is designed for users keen to add an enhanced layer of resilience in case their SRP gets lost but will remain 100% optional for users.
However, users not interested in the new service can continue using Ledger’s hardware devices seamlessly.
The CTO also emphasized that Ledger Recover is an open-source solution, underscoring the company’s commitment to transparency and user security.
On a closing note, Guilleme iterated the main goal of the hardware company is to make security and self-custody available to all users while mitigating hassles for beginners in the space.
Will Previous Community backlash Reignite?
On May 16, Ledger unveiled its earlier plans for Ledger Recover, built to enable users to safeguard their seed phrases by transmitting encrypted key fragments to trusted third parties.
Unfortunately, the reception within global communities was far from positive. Several crypto proponents named the firm’s latest product introduction an epic failure.
X user, “@Alistair Milne,” explained to his 127,000+ followers the suspicious demand of users’ private keys and copies of identification documents and other personal information for “security purposes.”
Renowned Youtuber “@ColinTCrypto” also stated he had been an advent user of Ledger hardware wallets for seven years but has now decided to consider alternatives due to the unveiling of Ledger Recover.
With the recovery tool now live, a reignited criticism of the hardware wallet approach and its impact on the global crypto landscape could kick off.