Ledger has launched a new cloud-based tool called Ledger Recover, which allows users to recover their Secret Recovery Phrase (SRP) in case they lose access to their digital asset wallet. The tool was designed by Coincover and will initially be available to passport or identity card holders in the US, Canada, UK, and EU. However, users will need to pay a monthly subscription fee of $9.99 to use the service. Ledger Recover is only compatible with the Ledger Nano X hardware wallet and will be open-source to ensure transparency and user security. Despite previous backlash, Ledger hopes to provide enhanced security and self-custody options to all users. The unveiling of Ledger Recover earlier this year faced criticism from the crypto community, raising concerns about the demand for private keys and personal information. With the tool now available, there is a possibility of renewed criticism and discussions about the impact of hardware wallets on the cryptocurrency landscape.
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