In an exciting development, Ledger, the renowned cryptocurrency wallet provider, is gearing up to launch its much-debated feature, Ledger Recover, despite initial user opposition. CEO Pascal Gauthier announced the countdown for the launch, emphasizing the significance of addressing the challenge of lost Secret Recovery Phrases (SRP) in the crypto community.
Gauthier explained that a staggering 6 million bitcoins, constituting 30% of the total supply, have been lost due to forgotten recovery phrases, rendering these assets irretrievable. Ledger Recover, developed in collaboration with Coincover, aims to rectify this issue. The feature encrypts the seed phrase, dividing it into three fragments accessible only to the wallet owner, providing a robust recovery solution.
Previously, Ledger faced backlash and paused the key recovery service due to security concerns. However, the team has diligently worked on addressing these issues, publishing audited code to ensure user safety. Importantly, Gauthier emphasized that Ledger Recover is entirely optional, allowing users to utilize their hard wallets without enabling this feature.
This move by Ledger marks a significant stride toward enhancing user confidence in crypto, offering a solution to a longstanding challenge in the digital asset space. With the countdown underway, the crypto community eagerly awaits the launch of Ledger Recover, anticipating a more secure future in the realm of digital assets.