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.
- One-Time Security Code provides an additional level of security to 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.
- Ledger Recover also isn’t a suitable service for those who insist on controlling their private keys to the fullest extent possible.
- Coincover and Ledger store an encrypted excerpt of this data.
- Yes, your crypto is still in self-custody after using Ledger Recover.
- For any other issues related to credit card payments, reach out to Ledger Recover Support.
- 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.
How Can I Start Using Ledger Recover?
However, keeping your Secret Recovery Phrase can be difficult and risky. You might misplace it, forget it, lose it, or have it stolen or destroyed by fire, water, or other hazards. If that happens, you could lose access to your crypto assets forever. To explain the ethos behind it, Ledger Recover uses ID verification due to Ledger’s belief in self-custody and individual autonomy.
How to apply your Ledger Recover redeem code
This service is meant for customers who want to have an encrypted backup for their Secret Recovery Phrase. Subscription to the service is neither automatic nor mandatory. Hopefully, our article helped you understand what Ledger Recover is and which users the service is aimed at. Overall, the service is a welcome addition to the crypto security landscape and will be appreciated by investors who have a substantial portion of their net worth in crypto.
What should I do with my recovery sheet once I subscribe to Ledger Recover?
For any other issues related to credit card payments, reach out to Ledger Recover Support. Currently, you can set up a backup for one Secret Recovery Phrase per subscription.
Are These “Trusted Parties” Trustworthy?
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.
How are the three fragments of my Secret Recovery Phrase secured?
By clicking ”Add to cart”, you agree to accept these terms and the Ledger Recover Redeem Code T&Cs here. The encrypted shards are then sent over these secure channels, bound to your identity and stored encrypted (once more) in the backup provider’s HSM. Two of the three encrypted fragments will be sent back to your Ledger device, reassembling them to build your private key.
What Is 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 daemon 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.
How Does Ledger Recover Stay Secure?
Subscription requires a valid passport or national identity card. Valid driver’s licenses also accepted for Canadian and US users. Subscriptions are non-refundable except where statutory refund/cancellation rights apply. Please note that while the redeem code purchase is charged in your local currency, any monthly renewal payment will be processed in EUR (Euros). Due to fluctuating exchange rates, the price in your local currency may vary at the time of each payment and you may incur additional fees from your bank for currency conversion.
Managing Ledger Recover subscription
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.
- When a user signs up for Ledger Recover, their seed phrase is encrypted and split into three fragments.
- 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.
- 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.
- 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.
- Finally, Ledger Recover has undergone independent security audits to check and test its processes.
- If you choose not to update your OS, you will potentially miss out on important security updates.
- The code will be displayed on the Ledger device that you’re using to recover access to your wallet.
Verify your identity to start backing up access to your wallet
You will then be able to restore your crypto wallet using the decrypted Secret Recovery Phrase. You can use this service to securely get back your private keys with a Ledger device and your ID if you ever lose or can’t access your seed phrase. When it launches, you can start using Ledger Recover via your Ledger Live app. Following that, you can rest assured that your backup is safe to retrieve whenever you request it. Ledger Recover is an advanced solution for the backup and restoration of your device seed, built upon a robust and resilient cryptographic protocol. Ledger Recover also isn’t a suitable service for those who insist on controlling their private keys to the fullest extent possible.
Pros (Advantages of Using Ledger Recover):
- Ledger Recover availability depends on the country/region where your identity document is issued.
- That means you can rest assured that your wallet backup is in safe hands.
- 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).
- Each fragment is then sent to a separate company—Coincover, Ledger, and Escrowtech.
- Subscriptions are non-refundable except where statutory refund/cancellation rights apply.
- You’ll have to log in to your account and then go through 2 independent Identity verification processes.
- When you want to restore your wallet, you initiate the Recovery from Ledger Live.
- Furthermore, Recovery requests will systematically go through multiple manual identity verifications by independent agents in addition to automatic AI-assisted recognition.
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.
What happens if I stop paying my subscription?
To make self custody accessible to everyone, we must develop innovative products that maintain security while solving concrete hurdles for users. That’s what Ledger Recover, provided by Coincover, is all about. Publishing this white paper is yet another step in our open-source roadmap, aiming at opening as much as possible of our technical stacks to the crypto community. Before joining CoinCodex, Emma had been covering stories at the intersection of culture, entertainment, and technology. Upon her friend’s recommendation to invest in Bitcoin in 2015, she became interested in all things crypto. When she is not writing reviews or guides about DeFi and other crypto products and services, Emma prefers to spend her time in the company of her friends and family.
Finally, Ledger Recover has undergone independent security audits to check and test its processes. That means you can rest assured that your wallet backup is in safe hands. Put simply, Ledger Recover is a way to create a backup of your wallet access. Hopefully, you won’t need to use it, but Ledger Recover brings you peace of mind should you ever find yourself in an unfortunate situation. To begin creating the digital backup to access your wallet, you must first set up your Ledger wallet and sync it to the Ledger Live app.
Is Ledger Recover available to B2B businesses such as companies, enterprises, or institutions?
Finish the onboarding to create the digital backup that secures access to your wallet.Redeem the code sent to your inbox to complete activating Ledger Recover. If you don’t want to update your Ledger OS, your Ledger device will remain functional. However, skipping OS updates will also prevent you from using certain features of the Ledger Live app. This is because some OS updates give your device the tools needed to sign certain types of transactions – for example, by updating your Ethereum withdrawal credentials. If you choose not to update your OS, you will potentially miss out on important security updates.
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.
What is the difference between Ledger Recover identity verification and KYC?
- You also need to trust Ledger and Coincover that they will be handling your personal information safely.
- 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.
- 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).
- There are several measures in place to assure the trustworthiness of Ledger Recover’s trusted parties.
- While the white paper is primarily an informational document, we welcome any corrections or suggestions for improvement.
With Ledger Nano S Plus, the service is available on desktop only. 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). Ledger OS updates can only be performed if you authorize them manually with your Ledger device. We have created this product for these users to feel confident using our products.
Ledger Recover is 100% secure – and you don’t have to trust us on that. We have the best security team in the world with our Ledger Donjon, and we’re proud of how they’ve built and tested Ledger Recover with our partners. It is an optional, paid subscription service, and if you do not enable it, there will be no change to your device security or experience. Welcome to the GitHub repository for the Ledger Recover Cryptographic Protocol White Paper! This repository contains the complete text of the technical white paper that delves into the system design, architecture, and operational flows of Ledger Recover.
If you lose or don’t have access to your Secret Recovery Phrase, you can use Ledger Recover to restore your crypto wallet on a new or existing Ledger device. You will need an internet connection and a smartphone with a camera. 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. While this setup makes you enjoy all the benefits of self-custody and complete control over your assets, it also makes you solely responsible for their protection. 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. Ledger Recover allows you to restore access to your own wallet whenever you need it.
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.
This way, the service can verify who you are in the event of a Recovery request, but your private information stays private. This ensures you alone can back up and regain access to your wallet. Your device will take care of that for you following the verified identification.