Ledger Recovery: A push towards mass adoption or a massive misstep?
Yesterday, Monday, May 15th, Ledger launched its brand new service Ledger Recovery, a new way to recover your seed phrase for their hardware wallets. With a quick glance at your Twitter timeline, it is easy to see that the announcement is taking the crypto space by storm.
Ledger argues that this new service will contribute to the broader adoption of cryptocurrencies. However, many customers criticize this move claiming it undermines trust in the company and is a misguided step in the wrong direction.
Today, we aim to provide a comprehensive breakdown of this information to enable you to form your own conclusions and make better-informed decisions regarding your assets.
What is Ledger Recovery? (a tl;dr)
Ledger Recovery is an identity-based service designed to assist users in recovering their Ledger wallet’s seed phrase in situations where the seed phrase or device is lost or inaccessible. Ledger Nano X users can opt-in to this service via a recent firmware update for $10 USD per month. Those using the service can recover access to their wallet up to 3 times per month and up to 10 times per year. Users can recover to the same device or a new one if their physical device is lost or stolen. Additionally, should there be a security…
