Ledger Unveils Secret Key Recovery Service "Ledger Recover"

Ledger aims to resolve this pain point with their new service, Ledger Recover, offering you a secure and convenient way to restore your lost secret keys or recovery phrases.

Discover how this innovative service leverages encryption and multi-party storage to keep your assets safe, and stay ahead of the curve in ensuring the security of your digital assets.

Ledger Announces the Launch of "Ledger Recover" for Secure Crypto Wallet Restoration

On October 24, 2023, Ledger, known for its hardware wallet solutions, announced the launch of a new service called "Ledger Recover."

This service allows users to safely restore their lost secret keys and recovery phrases using their User ID and Ledger device.

Losing access to your secret keys or recovery phrases can make your crypto wallet inaccessible.

This has made secure management of these elements a critical aspect of owning a self-hosted wallet.

Ledger Recover aims to resolve this issue by offering a safe method to restore secret keys using your Ledger device if you are unable to access your recovery phrases for any reason.

How Ledger Recover Works to Safeguard Your Assets

Ledger Recover securely encrypts the essential information required for wallet restoration into three separate parts.

These parts are stored independently by three different companies: Coincover, Ledger, and EscrowTech.

Each part stored by these companies is insufficient for wallet restoration on its own.

To gain access to your wallet, two out of the three companies must send their parts back to your Ledger device, where they are reassembled to construct the secret key.

In the event that one of these companies goes out of business, it's still possible to restore your secret keys while waiting for a trustworthy company to replace the missing part.

Device Compatibility and Future Expansions

As of the time this article was written, Ledger Recover is compatible with the "Ledger Nano X." However, compatibility will extend to "Ledger Stax" and "Ledger Nano S Plus" in the future (Ledger Nano S is not supported).

To use Ledger Recover at its launch, you'll need a passport or a national ID card issued in the EU, the UK, Canada, or the United States.

The service plans to expand its compatibility to more countries and various types of documents within the coming months.