Ledger Launches New Offline Recovery Tool For Private Keys

“We‘ve received extremely positive feedback from security researchers and industry leaders, and we’re excited to reveal it to the world for even more feedback ahead of its launch soon,” Ledgers chief technology officer, Charles Guillemet, said in the announcement.

Self-custody is not without risks

Ledgers latest recovery tool aims to improve the usability of self-custody, a form of storing crypto assets like Bitcoin (BTC) without relying on third-party providers.

While allowing crypto holders to “be their own bank” by giving users sole responsibility for secure storage of the private key to access their assets, self-custodial storage solutions have long been associated with risks such as key loss or theft.

Many companies have tried to solve this problem by introducing seedless self-custodial wallets, or physical backup solutions like fire-proof metal plates or more sophisticated backup methods such as Shamir Backup.

In 2023, Ledger introduced another option for recovering keys, a paid cloud-based solution called Ledger Recover. The service was temporarily paused amid backlash from the community due to concerns about third-party entities, but has continued operating.

Despite a tough start, according to the company, Ledger Recover is performing well and continuing to grow as more new users enter the Ledger ecosystem.