{"id":76368,"date":"2023-10-24T18:03:32","date_gmt":"2023-10-24T22:03:32","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ledger-debuts-cloud-based-private-key-recovery-tool-despite-previous-backlash\/"},"modified":"2023-10-24T18:03:36","modified_gmt":"2023-10-24T22:03:36","slug":"ledger-debuts-cloud-based-private-key-recovery-tool-despite-previous-backlash","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=76368","title":{"rendered":"Ledger Debuts Cloud-based Private Key Recovery Tool Despite Previous Backlash"},"content":{"rendered":"
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Popular hardware wallet company Ledger has launched a cloud-based private key recovery tool called ‘Ledger Recover.’<\/p>\n

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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.)<\/p>\n

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.<\/p>\n

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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).\u00a0<\/p>\n

However, a subscription to the new recovery solution is not free. Hardware wallet enthusiasts must pay a monthly billed subscription fee<\/u> of $9.99.\u00a0<\/p>\n

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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.\u00a0<\/p>\n

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.\u00a0<\/p>\n

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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.\u00a0<\/p>\n

However, users not interested in the new service can continue using Ledger’s hardware devices seamlessly.\u00a0<\/p>\n

The CTO also emphasized that Ledger Recover is an open-source solution<\/u>, underscoring the company’s commitment to transparency and user security.\u00a0<\/p>\n

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.\u00a0<\/p>\n

Will Previous Community backlash Reignite?<\/h2>\n

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.<\/p>\n

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Unfortunately, the reception within global communities was far from positive. Several crypto proponents named the firm’s latest product introduction an epic failure.\u00a0<\/p>\n

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.”<\/p>\n

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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.\u00a0<\/p>\n

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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.\u00a0<\/p>\n<\/p><\/div>\n