Ledger, a major crypto wallet maker, has recently announced the upcoming launch of its latest product, the Ledger Recovery Key. This new product is designed as a spare key for the Ledger Flex and Ledger Stax wallets, providing users with a simple and secure way to recover access to their assets.
The Ledger Recovery Key allows users to create an offline spare key alongside their 24-word recovery phrase and PIN code. This spare key connects directly to the Ledger device via NFC communication, with no intermediary involved. To recover access to their assets, users simply need to tap the card and enter the PIN.
One of the key features of the Ledger Recovery Key is the inclusion of a Secure Element at its core, leveraging the same technology behind Ledger’s renowned security measures. Additionally, users will have the option to create multiple spare keys, with the process being entirely optional and requiring confirmation on the Ledger device.
According to Charles Guillemet, Chief Technology Officer at Ledger, the Ledger Recovery Key has undergone rigorous security testing by the company’s team of white hat hackers, known as the Donjon. The product has also undergone comprehensive internal testing and external security audits, receiving positive feedback from security researchers and industry leaders.
It’s important to note that the Ledger Recovery Key is not a hardware wallet or a tool for managing assets or signing transactions. Instead, it functions as a smart card that stores a copy of the “master secret” from which the Secret Recovery Phrase is derived. The key and the wallet communicate via NFC protocol, making it essential for the wallet to support this technology.
Ledger’s decision to introduce the Ledger Recovery Key comes as a response to the evolving landscape of crypto security and the increasing need for robust recovery options. The company previously launched Ledger Recover in 2023 as an optional paid service, allowing users to create encrypted fragments of their recovery phrase. The strong adoption of Ledger Recover highlighted the demand for additional recovery options, leading to the development of the Ledger Recovery Key.
Overall, Ledger aims to provide users with a comprehensive set of recovery options, empowering them to securely manage their assets with ease. The Ledger Recovery Key is set to launch in the near future, offering a new level of security and convenience for Ledger Flex and Ledger Stax wallet users.