Registry Hardware Wallet releases a cloud-based private key recovery tool.

Hardware wallet company Ledger is rolling out its cloud-based private key recovery solution despite heavy criticism from the crypto community.

Ledger Recover, a private key recovery service based on Ledger hardware wallet ID, will launch on October 24, the company announced publicly on X (formerly Twitter). The release coincides with the completion of the open source code of Ledger Recover on GitHub.

Ledger Seed Phrase Recovery provided by blockchain security platform Coincover is a paid subscription service that allows users to support Secret Recovery Phrase (SRP). SRP is a special list of 24 words that supports private keys and gives users access to their crypto assets.

Ledger Recover is designed for “users who want enhanced resiliency” if SRP is ever lost or destroyed, said Charles Guillemette, Ledger's chief technology officer. He also emphasized that Ledger Recover is an alternative recovery service:

Don't worry if you don't want to use the service – it's always 100% optional. You can simply continue using your notebook as you did before – nothing will change.

At launch, Ledger Recover is compatible with Ledger Nano X, with Ledger Stax and Ledger Nano S Plus integration coming soon. According to the Ledger Recover FAQ, the solution is not compatible with Ledger Nano S.

Ledger Recover first applies to passports or ID cards in the US, Canada, the UK and the EU. “We will cover more countries and add support for more documents,” Leder said.

The firm emphasized that Ledger Recover's identity verification is not the same as Know Your Customer (KYC) checks performed by centralized crypto exchanges. Ledger explained that the recovery system only requires “valid, government-issued documentation.”

“Identity verification naturally collects much less information compared to KYC […] KYC includes identity verification but can also include income information, criminal record, citizenship verification etc.

According to social media posts, Ledger Recovery service is available for $9.99 per month or around $120 per year. If a user does not pay the subscription, the subscription will be suspended, allowing the user to reactivate the subscription within the next nine months.

Related: ETF filings changed the Bitcoin narrative overnight – Ledger CEO

“You will need to pay a €50 administration fee with any outstanding balance,” says the Ledger Recover FAQ.

The birthday comes months after he quit his rehabilitation service in May 2023 in response to the community's response. Ledger CEO Pascal Gauthier went on to say that the company would develop the product once the open source code was released.

Ledger's biggest competitor, Trezor, has moved away from introducing a cloud-based private key recovery solution, opting instead for a physical backup solution. In mid-October 2023, Trezor launched its own password recovery tool, Trezor Cape Metal.

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