Ledger has introduced a new type of backup that it calls a “spare key” for your crypto wallet.
The Ledger Recovery Key works with the Ledger Flex and Ledger Stax wallets as a way to recover access to your assets.
The Recovery Key incorporates NFC connectivity alongside a Secure Element that stores a PIN-protected backup key.
Once paired with a Ledger Flex or Ledger Stax hardware wallet, users can recover their crypto wallets by tapping the card against the device and entering a PIN.
The device launches alongside “reviewable code and a whitepaper, as part of our commitment to transparency,” said Charles Guillemet, Chief Technology Officer at Ledger, in a statement shared with Decrypt. The Recovery Key has “gone through extensive security testing” with Ledger’s white hat hacking team, the Donjon, alongside “comprehensive internal testing and external security audits.”
The firm bills it as a safe way to recover your assets that’s simpler than the traditional 24-word seed phrase.
It doesn’t eliminate the seed phrase entirely, though, acting as a layer on top of it for more convenient access.
This isn’t Ledger’s first attempt at simplifying the wallet recovery process. In 2023, it launched the Ledger Recover subscription service, which sparked a fierce backlash from its userbase over concerns that it constituted a security risk.
The new Recovery key is “designed for optionality,” a Ledger spokesperson told Decrypt. “Ledger is not taking away the 24 words, as it’s important to have a master key, but it will watch user usage and feedback over time,” 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.”
The card-based recovery technique is similar to that of the Cypherrock X1 hardware wallet, which Decrypt recently reviewed. However, Ledger was keen to differentiate its offering from the competition. “Cypherock’s X1 cards are not firmware upgradeable, which means if a vulnerability is ever found, it is completely impossible to fix that vulnerability,” the Ledger spokesperson told Decrypt, adding that its own hardware is “always upgradeable to prevent new sophisticated attacks.”
The spokesperson added that Ledger’s devices are the only hardware wallets to feature a secure screen. “The secure element that performs cryptographic operations also powers the screen, so you can be sure what you see is what you sign,” they explained. “Transactions on Ledger can only be signed on the device with the secure screen, and Ledger Recovery Key is only used for secure backup and recovery of your seed phrase.”
The Ledger Recovery Key will be available “in the near future.”
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