Finally, Ledger Recover has undergone independent security audits to check and test its processes. That means you can rest assured that your wallet backup is in safe hands. Put simply, Ledger Recover is a way to create a backup of your wallet access. Hopefully, you won’t need to use it, but Ledger Recover brings you peace of mind should you ever find yourself in an unfortunate situation. To begin creating the digital backup to access your wallet, you must first set up your Ledger wallet and sync it to the Ledger Live app.

Wallet recovery made easy with Ledger Recover

If you lose or don’t have access to your Secret Recovery Phrase, you can use Ledger Recover to restore your crypto wallet on a new or existing Ledger device. You will need an internet connection and a smartphone with a camera. When you need to recover your crypto account, you will need to verify your identity again with your ID card and connect your Ledger device. While this setup makes you enjoy all the benefits of self-custody and complete control over your assets, it also makes you solely responsible for their protection. Ledger Recover is designed for users who want to add an enhanced layer of security in case their Secret Recovery Phrase is lost or when they can't access it. Ledger Recover allows you to restore access to your own wallet whenever you need it.

Ledger Recover explained

To make self custody accessible to everyone, we must develop innovative products that maintain security while solving concrete hurdles for users. That’s what Ledger Recover, provided by Coincover, is all about. Publishing this white paper is yet another step in our open-source roadmap, aiming at opening as much as possible of our technical stacks to the crypto community. Before joining CoinCodex, Emma had been covering stories at the intersection of culture, entertainment, and technology. Upon her friend’s recommendation to invest in Bitcoin in 2015, she became interested in all things crypto. When she is not writing reviews or guides about DeFi and other crypto products and services, Emma prefers to spend her time in the company of her friends and family.

• One of the biggest hurdles blockchain technology faces is its accessibility.
• These are highly secure devices that protect and manage digital keys.
• This ensures you alone can back up and regain access to your wallet.
• The crypto space can be daunting, especially when it comes to securing your assets.
• The company claims that this service can significantly enhance the security of users’ crypto holdings.

What is Ledger Recover?

While cryptocurrencies promise to have a major impact on the way we use and think about money, they also bring unique challenges. Yes, your crypto is still in self-custody after using Ledger Recover. This means that you are the only one who can access and control your crypto assets, without relying on intermediaries or custodians. To set up Ledger Recover, you will need a Ledger Nano X device and a subscription to the service. Jem started her web3 journey in journalism, running the NFT news site NFTevening. Since then, she became enamoured with power blockchain technology has to revolutionize multiple industries–not just art!

What would happen to my Ledger Recover subscription and related data if one of the companies goes out of business?

Ledger Recover is a convenient and secure backup service for your Secret Recovery Phrase, but it also has some limitations and trade-offs. However, should someone steal your funds using Ledger Recover, Coincover offers users $50,000 in compensation. Self-custody is the golden standard of crypto security and Ledger’s goal is to make it easy to use. In short, this service is all about making self-custody more convenient and less frightening. Your Ledger Recover subscription is officially activated once you have successfully validated your identity and secured your Secret Recovery Phrase backup.

Enter a 6-digit backup code

Your identity is under your control, as opposed to social Recovery which relies on another party. Then, a government ID is also accessible — most people in the world have one. Finally, ID verifications are less cumbersome than a full KYC process, allowing customers to only reveal the necessary personal information and no more than that. Ledger Recover comprises extensive identity verification processes—performed by Coincover within a secure environment built by Ledger.

Complete your Ledger Recover activation

Do you have housemates who you can’t trust around your valuables? In these situations, looking after your seed phrase may be more of a burden than not. You can now sign up for the optional, paid subscription wallet recovery service, ledger recover substrate, provided by Coincover. In our opinion, the majority of this backlash was misguided and based on misunderstandings and incorrect assumptions.

Ledger Recover Cryptographic Protocol White Paper

Ledger Recover was developed for those who want to back up their wallet access regardless of wherever they are in the world or whatever they’re doing. It’s a completely paid optional service, designed to help users take custody of their assets, no matter their situation. The crypto space can be daunting, especially when it comes to securing your assets. One of the biggest hurdles blockchain technology faces is its accessibility.

What is a One-Time Security Code?

When you want to restore your wallet, you initiate the Recovery from Ledger Live. You’ll have to log in to your account and then go through 2 independent Identity verification processes. At this point, two of the three parties will send back their fragments to your Ledger device using the same Secure Channel mechanism. Once contained in the secure element, they are decrypted and reconstitute your seed phrase. If you sign up for Ledger Recover, it is possible to restore your account on any new Ledger device too. This means you stay protected, even if your device and the seed phrase go up in flames.

Ledger Recover Cryptographic Protocol White Paper

The encrypted fragments are securely sent to three independent providers – Ledger, Coincover, and EscrowTech – that store them in Hardware Security Modules (HSMs). These are highly secure devices that protect and manage digital keys. As a crypto user, you know how crucial it is to keep your Secret Recovery Phrase in a safe and secure place. This is a 12 to 24-word phrase that lets you restore your private keys and access your crypto wallet if you lose or damage your Ledger device. Ledger Recover is an ID-based key recovery service that provides a backup for your Secret Recovery Phrase. If you lose or don't have access to your Secret Recovery Phrase, the service allows you to securely restore your private keys using a Ledger device.

There are several measures in place to assure the trustworthiness of Ledger Recover’s trusted parties. You’ll need to identify yourself twice to both Coincover and Ledger’s identity verification providers before you’ll be able to use the service. Furthermore, Recovery requests will systematically go through multiple manual identity verifications by independent agents in addition to automatic AI-assisted recognition. All of these aspects are designed to keep users safe from Recover’s trusted parties becoming compromised.

• You can use this service to securely get back your private keys with a Ledger device and your ID if you ever lose or can’t access your seed phrase.
• Ledger Recover comprises extensive identity verification processes—performed by Coincover within a secure environment built by Ledger.
• The encrypted fragments are securely sent to three independent providers – Ledger, Coincover, and EscrowTech – that store them in Hardware Security Modules (HSMs).
• In short, these Hardware Security Modules use similar technology to the computer chips in Ledger devices, but they use servers installed in data centers with more computation power.
• Ledger, the world’s biggest manufacturer of hardware cryptocurrency wallets, has recently introduced a new subscription service called Ledger Recover.
• You also need to trust Ledger and Coincover that they will be handling your personal information safely.
• On your device, after PIN verification, you’ll be asked to initiate a Ledger Recover backup process.
• By clicking ”Add to cart”, you agree to accept these terms and the Ledger Recover Redeem Code T&Cs here.

By clicking ”Add to cart”, you agree to accept these terms and the Ledger Recover Redeem Code T&Cs here. The encrypted shards are then sent over these secure channels, bound to your identity and stored encrypted (once more) in the backup provider’s HSM. Two of the three encrypted fragments will be sent back to your Ledger device, reassembling them to build your private key.

You can read through the Whitepaper here, and the source-code on Github here. Please note that one shard alone, even in the extremely unlikely case of decryption, is useless - you’ll always need at least two of the shards in order to restore your Secret Recovery Phrase. For a complete but less technical dive, you can read our blog series The Genesis of Ledger Recover.

However, keeping your Secret Recovery Phrase can be difficult and risky. You might misplace it, forget it, lose it, or have it stolen or destroyed by fire, water, or other hazards. If that happens, you could lose access to your crypto assets forever. To explain the ethos behind it, Ledger Recover uses ID verification due to Ledger’s belief in self-custody and individual autonomy.

• One-Time Security Code provides an additional level of security to Ledger Recover.
• Please note that one shard alone, even in the extremely unlikely case of decryption, is useless - you’ll always need at least two of the shards in order to restore your Secret Recovery Phrase.
• The encrypted shards are then sent over these secure channels, bound to your identity and stored encrypted (once more) in the backup provider’s HSM.
• This means that even if one of the three companies participating in Ledger Recover were to be compromised, your funds would remain safe.
• Let’s explore what Ledger Recover actually is and whether the service is right for you.
• Ledger Recover also isn’t a suitable service for those who insist on controlling their private keys to the fullest extent possible.

Now, she helps the Ledger Academy with Editorial Content and SEO. You have 1 year to activate your redeem code from the moment you receive it. You can try to recover access to your wallet up to 3 times per month and up to 10 times per year. With Ledger Stax, Ledger Flex and Ledger Nano X, the service is available on the Ledger Live desktop and mobile app.

• Ledger Recover allows you to enjoy all the benefits of self-custody when it comes to interacting with web3, allowing complete control over your assets on the go.
• To use the service, you must also go through a KYC process with an ID document and a selfie recording.
• Ledger Recover is a wallet recovery service offered by Ledger in partnership with Coincover.
• If you want to learn more about crypto security and hardware wallets, make sure to check out our list of the best Ledger alternatives.
• Ledger Recover is designed for users who want to add an enhanced layer of security in case their Secret Recovery Phrase is lost or when they can't access it.
• Your private keys never leave your Ledger device or the Secure Element chip.
• Ledger Recover can generally be regarded as safe, although it is not risk-free.
• For the time being, Ledger Recover is available to Ledger customers in EU countries, the UK, Canada, and the USA with a Ledger Nano X or Ledger Nano S Plus.
• However, some crypto users may still choose to keep their secret recovery phrase offline and avoid depending on third-party services.

If one of the companies holding a fragment shuts down, you will still be able to restore your keys until another trusted company replaces it. To make the world of digital assets more accessible to newcomers and bring it into the mainstream, we have to get rid of barriers to entry. On your device, after PIN verification, you’ll be asked to initiate a Ledger Recover backup process. This blog post dives into the technical explanation of how this works.