"Today is the day. I’m glad to announce that our secure wallet recovery solution Ledger Recover, provided by Coincover, is now available for Ledger Nano X users. You can subscribe to this paid and optional service here," announced Ledger's CEO Pascal Gauthier on Tuesday.
"When you subscribe to Ledger Recover, a pre-BIP39 version of your private key is encrypted, duplicated and divided into three fragments, with each fragment secured by a separate company - Coincover, Ledger and EscrowTech. When you want to get access to your wallet, 2 of the 3 parties will send fragments back to your Ledger device, reassembling them to build your private key," explains the service's FAQ.
"Ledger Recover comprises extensive identity verification processes - performed by Coincover within a secure environment built by Ledger," states the service page.
Per FAQ, "your identity details are collected by Ledger Recover ID verification service providers. Coincover and Ledger store an encrypted excerpt of this data."
"Coincover will never pass your information to a third-party unless it has a legal obligation to do so," Coincover states in its FAQ, explaining how it handles subpoenas and warrants from governmental agencies.
Ledger Recover is currently compatible with Ledger Nano X. Soon, it will be compatible with Ledger Stax and Ledger Nano S Plus. Ledger Recover isn't compatible with Ledger Nano S.
"Ledger Recover availability depends on the country in which your passport, national identity card, or driving license was issued. At the moment, a passport/national identity card issued by the European Union, the United Kingdom, Canada, and the United States, or a driving license issued in the United States, is required to subscribe to the service."
"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."
Per Ledger, the recovery process can be replicated on any new and compatible Ledger device following the identity verification process. Read a more detailed explanation on how Recover works here.
"Depending on your personal needs, Ledger Recover may or may not be for you. For most users, having no backup for their Secret Recovery Phrase is a risk they don't want to take," said the Ledger Support account.