Ledger Puts Recover Plans On Ice, Emphasizes Open Source To Rebuild Trust

Ledger CEO Pascal Gauthier has issued an open letter addressing the recent announcement of Ledger Recover and how it was communicated to customers. In the letter, Gauthier acknowledged that the company’s communication mistake had caused concern among the crypto community and affected customers’ ability to understand the product’s role in the future of Ledger’s offerings.

Ledger Recover

The hardware wallet provider firm recently announced the launch of its new service, called Ledger Recover, which aims to provide users an additional layer of security by allowing them to store encrypted backups of their seed phrases with three custodians.

The opt-in feature will require a know-your-customer (KYC) verification. However, this move has been criticized by some crypto community members concerned about sharing seed phrases with anyone other than the wallet owner.

These concerns have raised questions about the safety of this new feature and have prompted Ledger to apologize for any confusion caused by the launch.

While this service is not new, how the company announced it caused some confusion. In its open letter, Gauthier acknowledged this and apologized for how it was communicated, stating that they never intended to surprise customers.

Gauthier emphasized that their mission is to make crypto secure and easy to use. He reiterated that the main pain point for crypto self-custody adoption is seed phrase recovery and that Ledger Recover is a necessary service to address this issue. He also stressed the importance of self-sovereignty and self-custody over digital assets, which is the ethos of crypto.

Furthermore, Gauthier stated that Ledger never compromises on security and that their Donjon security team is committed to reviewing not only Ledger’s firmware and hardware updates but also the entire ecosystem.

Ledger Puts Launch Of Recover Service On Hold

In addition to security, Ledger is also committed to increasing transparency. Most of Ledger’s codebase is already open source, and the firm plans to accelerate its open-sourcing roadmap. They will include as much of the company o

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Author: Ronaldo Marquez

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