Ledger Recover is an ID-based key recovery service that provides a backup for your Secret Recovery Phrase. If you lose or don't have access to your Secret Recovery Phrase, the service allows you to securely restore your private keys using a Ledger device.
You’re responsible for storing your Secret Recovery Phrase. While this setup makes you enjoy all the benefits of self-custody and complete control over your assets, it also makes you solely responsible for their protection. Ledger Recover is designed for users who want to add an enhanced layer of security in case their Secret Recovery Phrase is lost or when they can't access it.
In short, only you can access your wallet. 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. Each of these encrypted fragments is useless on its own. 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.
What would happen to my Ledger Recover subscription and related data if one of the companies goes out of business?
To restore your keys, you need two out of three fragments that are securely kept by the three independent and trusted companies. If one of the companies holding a fragment shuts down, you will still be able to restore your keys until another trusted company replaces it.
Ledger Recover can restore your private keys to your device, but it can't provide you with your Secret Recovery Phrase. If you have any other physical/digital copies of your recovery sheet or Secret Recovery Phrase, it's your responsibility to secure them. Keep in mind that anyone who obtains your Secret Recovery Phrase can access your wallet.
Coincover provides the gold standard in digital asset security, addressing the most significant barrier to mainstream adoption: trust. If wallet access is lost, Coincover offers encrypted and military-grade storage for retrieving the key.