Hardware Wallet Provider Ledger Launches New Recovery Key
Hardware wallet manufacturer Ledger has introduced the Recovery Key, a physical NFC device designed to simplify the recovery process for owners of its Ledger Flex and Stax hardware wallets.
A Secure and Convenient Backup Solution
The new Recovery Key incorporates NFC technology alongside a dedicated Secure Element chip, which stores a PIN-protected backup.
Once activated, users can recover their crypto assets by simply tapping the Recovery Key against their compatible Ledger device and entering the PIN, offering an alternative to the traditional 24-word seed phrase.
Security and Transparency
According to a statement from Charles Guillemet, Ledger’s Chief Technology Officer, the Recovery Key has undergone “extensive security testing” by Ledger’s internal security team, Donjon, alongside “comprehensive internal testing and external security audits.” The product also comes with “reviewable code and a whitepaper” to ensure transparency.
The device is presented by Ledger as a safer and more user-friendly backup method, complementing rather than replacing the mandatory 24-word seed phrase.
Context and Differentiation
This introduction of the Recovery Key builds upon Ledger’s previous efforts to simplify wallet recovery, most notably its controversial 2023 launch of the Ledger Recover subscription service.
In a statement shared with Decrypt, a Ledger spokesperson emphasized the device’s design for user choice: “Ledger is not taking away the 24 words.” They added, “Ledger now has the broadest suite of recovery options available, designed to meet the needs of as many users as possible without compromising on security.”
While Ledger differentiates its new offering by highlighting the upgradeability of its hardware (contrasting with non-upgradeable competitors like Cypherrock X1), a key feature stressed is the integration with a “secure screen” on all Ledger hardware wallets, which guarantees users see exactly what they sign during transactions.
Availability
The Ledger Recovery Key is slated to be available “in the near future.”
