Ledger, a hardware wallet firm, introduced its cloud-based private key recovery solution in spite of facing criticism from the crypto community, stated Cointelegraph.
Sources revealed that on October 24, 2023, the firm officially tweeted the launch of Ledger Recover, an ID-based private key recovery service for the Ledger hardware wallet. The release is expected to come in conjunction with Ledger finalising the open-source code for the Ledger Recover on GitHub.
“Each fragment on its own is a useless set of random numbers, and no single company has access to the entire backup. This ensures the highest level of security and removes a single point of failure,” a spokesperson for Ledger explained.
It is believed Ledger Recover is available to passport or identity card holders in the United States, Canada, the United Kingdom and the European Union. Furthermore, “We will be covering more countries and adding support for more documents,” Ledger told Cointelegraph.
(With insights from Cointelegraph)