Ledger Launches Controversial Cloud-Based Crypto Wallet Recovery Service
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Ledger hardware wallet launching new cloud-based private key recovery service called Ledger Recover on Oct. 24 despite facing criticism.
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Ledger Recover allows users to back up Secret Recovery Phrase for access to crypto assets if lost or destroyed.
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Service requires ID verification but Ledger claims it's less intrusive than KYC checks by exchanges.
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Initially available in U.S., Canada, UK, and EU for Ledger Nano X users at $9.99/month.
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Competitor Trezor opted for physical backup solution called Trezor Keep Metal instead of cloud-based recovery.