Ledger Launches Cloud-Based Key Recovery Despite Backlash
Hardware Wallet provider Ledger has launched its cloud-based private key recovery service, Ledger Recover, despite facing months of criticism from the crypto community. Announced on October 24, Ledger Recover allows users to back up their Secret Recovery Phrase (SRP), the 24-word passcode that controls access to crypto assets, through an identity-based recovery system. The subscription service, priced at $9.99 per month, aims to give users an extra layer of protection if their SRP is ever lost. Also read: Polygon (MATIC) Price Prediction: October End 2023 Ledger Recover was developed alongside the blockchain security platform Coincover and is initially compatible with the Nano X wallet. The wallet manufacturer plans to integrate the recovery solution later with the upcoming Stax and Nano S Plus. The launch comes after Ledger paused the recovery feature The launch comes after the team paused Ledger Recover earlier this year due to significant backlash over security...