Pascal Gauthier announced that Coincover’s service is available to all Ledger Nano X users. Recovery involves encrypting, duplicating and splitting users’ private keys into three parts, which are stored by three different parties: Ledger, cryptographic security firm Coincover and independent backup service provider.
“Let’s be clear: Too many people have lost their digital assets because they lost their recovery secret phrase. This risk prevents people from using cryptocurrency and, of course, self-storage. If we don’t develop secure ways to return people’s assets, 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 misplaced their passwords and forgot the key phrase. According to the head of Ledger, the fear of losing access to crypto-assets is the main obstacle to their adoption by all of humanity.
Let us remind you that the cloud access recovery solution is a paid service ($9.9) and allows Ledger Nano X owners to create backup copies of the secret recovery phrase (SRP). The service is available from October 24.
The official launch of the recovery service came a few months after Ledger suspended work on the project in May 2023. At the time, in response to community backlash, CEO Pascal Gauthier said the company would launch the product as soon as it was open sourced on GitHub.
Source: Bits
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