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.

Is Ledger Recover safe?

Now, let’s quickly go through some of the most important things to keep in mind if you’re thinking of signing up for Ledger Recover. This means that even if one of the three companies participating in Ledger Recover were to be compromised, your funds would remain safe. If someone were to steal your funds through the Ledger Recover service, you’d be eligible for up to $50,000 in compensation from Coincover. Ensuring the security of your cryptocurrency is a question that every crypto investor must tackle at some point in their investing journey.

What is the difference between Ledger Recover identity verification and KYC?

When a user signs up for Ledger Recover, their seed phrase is encrypted and split into three fragments. This happens within the Secure Element chip inside of a Ledger hardware wallet. Each provider holds a fragment of your encrypted backup, which is useless on its own.

• 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.
• If you don’t regularize your payment within 3 months, your subscription will be suspended.
• But for those who want to back up their wallet access, Ledger Recover is the perfect solution.
• If you want to learn more about crypto security and hardware wallets, make sure to check out our list of the best Ledger alternatives.
• Your private keys never leave your Ledger device or the Secure Element chip.
• You can now sign up for the optional, paid subscription wallet recovery service, Ledger Recover, provided by Coincover.
• Self-custody is the golden standard of crypto security and Ledger’s goal is to make it easy to use.

Verify your identity to start backing up access to your wallet

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.

• Before joining CoinCodex, Emma had been covering stories at the intersection of culture, entertainment, and technology.
• You also need to trust Ledger and Coincover that they will be handling your personal information safely.
• 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).
• Ledger, the world’s biggest manufacturer of hardware cryptocurrency wallets, has recently introduced a new subscription service called Ledger Recover.
• On your device, after PIN verification, you’ll be asked to initiate a Ledger Recover backup process.

How to apply your Ledger Recover redeem code

You still need to go through the subscription process outlined above to activate your subscription and create a backup for your wallet access. Ledger Recover, provided by Coincover, is an ID-based key recovery service that provides a backup for your Secret Recovery Phrase, and is a dedicated service for individual consumers. Restore access to your crypto wallet in case of a lost or out of reach Secret Recovery Phrase.

What happens if I stop paying my subscription?

In the end, the choice depends on your personal preference and risk tolerance. These encrypted pieces are worthless by themselves and can only be unlocked by your Ledger device with your ID verification. Ledger also promises to open-source the code for the Recover feature, so users can check the security of the proposed custody mechanism by themselves. Ledger Recover can also help those without a safe place to store their seed phrase.

Create your username and password

Ledger Recover uses your ID and a selfie to verify who you are, via its Identity Verification provider, Onfido. Then, it links your identity to encrypted fragments of your seed phrase. The identity providers store this ID data in an encrypted form.

Step 2: Identity Verification

You need to create your Ledger Recover login manually by entering your email and password. Keeping your device nearby, grab a valid ID and follow the instructions to complete your login setup. Once you’ve set up your device, click on “Start your free trial”, or go to the Ledger Recover section in the Ledger Live app. Ledger Recover uses ID verification because we believe in self-custody and individual autonomy. Unlike the full KYC process, ID verifications are less complicated and reveal only the necessary information.

A digital backup for your wallet access

Ledger Recover is a subscription service that will cost $9.99 per month. To use the service, you must also go through a KYC process with an ID document and a selfie recording. At the end of the episode, you’ll also hear Pascal’s take on the next Bull Market and why Ledger is building solutions for the next 100 millions of crypto users. But for those who want to back up their wallet access, Ledger Recover is the perfect solution.

Can you recover a Ledger device without Ledger Recover?

If you trusted them before not to exfiltrate your keys, you can trust them now not to do it when that feature is off. The Ledger Recover service is not free, as it costs $9.99 per month (€9.99 per month if you’re in Europe). You’ll be able to recover your wallet only if your subscription is active. If you fail to pay the subscription within 7 days, you won’t be able to recover your private keys using Ledger Recover.

• Finally, Ledger Recover has undergone independent security audits to check and test its processes.
• To restore your keys, you need two out of three fragments that are securely kept by the three independent and trusted companies.
• 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.
• Wrote down my recovery phrase on a piece of paper which I lost during a move.
• This repository contains the complete text of the technical white paper that delves into the system design, architecture, and operational flows of Ledger Recover.
• Keep in mind that anyone who obtains your Secret Recovery Phrase can access your wallet.
• As an added layer of protection, subject to investigation, $50,000 compensation may be available from Coincover in the unlikely event that something were to go wrong.

Only you can access your backup by verifying your identity with your ID card and connecting your Ledger device. 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. But it also gives you the freedom to retrieve access to your crypto wallet with your ID, just in case your Ledger device is lost or stolen and you no longer have your seed phrase. Your identity details are collected by Ledger Recover ID verification service providers.

• Each provider holds a fragment of your encrypted backup, which is useless on its own.
• You still need to go through the subscription process outlined above to activate your subscription and create a backup for your wallet access.
• You’ll have to log in to your account and then go through 2 independent Identity verification processes.
• Each fragment is then sent to a separate company—Coincover, Ledger, and Escrowtech.
• Ledger Recover is compatible with all Ledger devices (through the Ledger Live desktop and mobile app) and with Ledger Nano S Plus (through the Ledger Live desktop app only).

Yes, even if you lose your Ledger device, you can access your crypto wallet again, provided that you have backed up your seed phrase (also known as the recovery phrase). You can either back up your seed phrase on a piece of paper or use a purpose-made metal crypto wallet backup for additional peace of mind. Ledger Recover is a wallet recovery service offered by Ledger in partnership with Coincover. The idea behind this service is that it allows users to access their wallet even in the event that they lose their seed phrase backup. Currently, Ledger Recover is only available to users who have Ledger Nano X or Nano S Plus wallets. 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.

The purpose of the Ledger Recover service is to provide an additional backup in case you lose access to your existing seed phrase backup. Ledger Recover can generally be regarded as safe, although it is not risk-free. When you’re using Ledger Recover, encrypted fragments of your private keys are stored on servers that are not under your control, so there is a degree of trust involved. You also need to trust Ledger and Coincover that they will be handling your personal information safely. However, some crypto users may still choose to keep their secret recovery phrase offline and avoid depending on third-party services.

I am Amit Chahar, a Crypto and blockchain content creator at Wallet Reviewer. With 3+ years of experience as a SEO content writer, I love talking about blockchain technology, digital assets, DeFi, Smart Contracts, DApps, Digital Wallets, Metaverse, and NFTs. Ledger is a great service if you have issues with forgetting to lose your backups. Remember, History says “Centralized security systems can be breached and hacked“. Your private keys never leave your Ledger device or the Secure Element chip.

How long is my Secret Recovery Phrase secured by Ledger Recover?

For many users who are just entering this space, safeguarding a Secret Recovery Phrase may feel like too large a responsibility, one that they’re not comfortable taking on. Other users are concerned about their Secret Recovery Phrase being destroyed or lost through no fault of their own. These concerns may be the reason why some users keep their crypto on an exchange, a less secure but more “comfortable” option for them. If you want to learn more about crypto security and hardware wallets, make sure to check out our list of the best Ledger alternatives. In fact, your seed phrase is enough to gain full access to your wallet. This is why it’s so important to back it up safely and never share your seed phrase with anyone.

How does Coincover handle formal subpoenas/warrants from governmental agencies under 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!

There are several measures in place to assure the trustworthiness of ledger recover sync’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.

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.