Ledger just launched a new product called Recovery Key. It’s a physical card that helps users recover their crypto wallets. To use it, you just need to tap the card on your device and enter a PIN. This new tool is meant to make it easier for people to keep their digital assets safe.
The card works with Ledger’s devices that have touch screens, like the Ledger Stax and Ledger Flex. It uses NFC technology to connect to the device, and it doesn’t need to be online to work. This means that users can recover their wallets without relying on third parties. The company says that the code for the Recovery Key is already available for external audit, which should give users more confidence in the product’s security.
Ledger’s director of experience, Ian Rogers, explained that the goal of Recovery Key is to give users more options for keeping their assets safe. He said that too many people are still putting their assets at risk by leaving them on exchanges or using insecure software wallets. With Recovery Key and other tools like Ledger Recover, the company wants to provide solutions for every type of user.
Recovery Key is not the first product of its kind from Ledger. The company launched Ledger Recover in 2023, which is a paid service that fragments and encrypts a user’s seed phrase, storing it in secure modules in different locations. This allows users to recover their wallets by verifying their identity through the Ledger Live app. Some people in the crypto community have raised concerns about the privacy and security of this approach, but Ledger says that the key is to provide users with options that fit their needs and give them peace of mind.
The company has also made the code for Recovery Key available for public review, along with a technical whitepaper. The device has been tested for security by Ledger’s team of hackers, known as Donjon, as well as by independent external auditors. The director of technology at Ledger, Charles Guillemet, said that the company is excited to introduce Recovery Key with its open code and thorough security testing. He added that the company has received positive feedback from researchers and industry leaders, and that the product will be available to the public soon.
For now, the exact release date for Recovery Key has not been announced, but Ledger is expected to reveal more details in the coming weeks. As the company continues to innovate and expand its offerings, it’s clear that security and user experience are top priorities. With Recovery Key, Ledger is taking another step towards making crypto asset management more accessible and secure for everyone.