Introducing Ledger Recovery Key: The Spare Key To Your Assets

This blog post announces the commercial launch of Ledger Recovery Key, a private, PIN-protected card for securely storing your 24-word Secret Recovery Phrase. No KYC. No fees. Just total peace of mind.

Before you dive in

• Ledger Recovery Key is a private spare key to access your assets. Offline, with its own Secure Element, and PIN protected, so you’re always in control.
  
• Following last month’s technical announcement, Ledger Recovery Key is now shipping for free with every new touchscreen device and available for purchase.
  
• A complimentary Ledger Recovery Key will be offered to existing Ledger Stax and Ledger Flex owners for a limited time. Shipping fees apply.
  

Introducing Ledger Recovery Key

“But what if I lose it?!?” This is often the first question when someone first learns about Ledger devices. In our lives, we keep a spare key for houses and cars as well as duplicates of important documents. What if you could have a spare copy of the keys to your wealth? With Ledger Recovery Key, you can. This little 5cm card is the missing piece of the self-custody puzzle, the spare key to your crypto that makes restoring access a snap. Ledger Recovery Key is now available on Ledger.com, Best Buy, Amazon, and retailers around the world where you can buy a Ledger device.

When choosing a hardware wallet, do your research on:

• Security: Ledger’s security architecture is the unparalleled world-leader 
• Ease-of-Use: Only Ledger allows you to Buy, Swap, Earn, and Spend from Secure Touchscreen Self-Custody 
• And the ability to recover your accounts and assets in the case of loss of your device: Ledger has the broadest range of choice for Recovery, from the innovative Ledger Recover to Ledger Recovery Key, and of course, your 24-word Secret Recovery Phrase

Bringing Self-Custody to Everyone

“If not self-custody, why crypto?” This is a question worth thinking deeply about. Since the advent of Bitcoin sixteen years ago, the promise of crypto has always been financial freedom through permissionless money. Without self-custody, you lose this promise. Yet with more than 600M people owning crypto today, the vast majority – hundreds of millions of people – access their assets only with the permission of the exchange that holds their coins. Tens of millions risk their assets in software-only wallets on phones and computers which were designed for performance, not security, and are trivial to empty by sophisticated hackers who are becoming more sophisticated by the day. Of the more than half a billion people owning crypto, only a few million are in secure self-custody. 

I’m sure everyone reading this agrees more people in secure self-custody is a great thing for individuals as well as crypto as a whole. When we have events like the implosion of FTX in our industry, the more people in secure self-custody, the better. Taking responsibility for the stewardship of your Secret Recovery Phrase is the single biggest thing still holding back more users from choosing secure self-custody for their digital assets.  

Ledger Recovery Key alleviates the pain of one of crypto’s biggest headaches with an easy-to-use tap-and-go PIN-protected backup of your 24-word Secret Recovery Phrase. It uses the same secure element chips found in passports, credit cards, and Ledger devices. It’s designed to work alongside your classic recovery sheet, not replace it, giving you multiple secure options for asset recovery.

There is no one-size-fits-all solution for your recovery needs. Your setup depends on personal factors and preferences. Ledger believes in consumer empowerment and choice, especially when it comes to something as personal, private, and important as the Recovery of your digital assets. That’s why we offer a broad range and full spectrum of Recovery options. 

Whether that’s the simplicity of paper, the durability of metal backups, the distributed security of identity-based backup from Ledger Recover, or a combination of all three, Ledger provides the tools to match your security needs and philosophy. 

Each individual method has its place, and now with  Ledger Recovery Key, the choice of recovery solutions has widened to include a very easy-to-use tap-and-go, PIN-protected electronic backup that brings secure self-custody to a much wider audience.

The Technology Securing Ledger Recovery Key

The heart of Ledger Recovery Key—its security—comes from a Secure Element chip, the same tamper-resistant hardware that protects your passport, credit cards, and Ledger hardware. 

Our mission is to make secure self-custody approachable for everyone. That’s why all Ledger Recovery Key’s functions are controlled via the beautiful and simple-to-use secure screen of a Ledger Flex or Ledger Stax.

Behind this simple interaction is a sophisticated security architecture. Ledger Recovery Key uses NFC communication and mutual authentication with your Ledger device, meaning that even if someone obtains your Ledger Recovery Key, they can’t access your funds without your PIN. Inputting three incorrect PIN attempts automatically wipes the device, providing an extra layer of protection should it get lost or stolen.

All of this is open source and verified by third-party security experts. For more information, refer to the technical overview.

How Ledger Recovery Key Works

Whether you’re setting up a new device or backing up existing assets, the process is simple. Create a PIN, name your device, hold your Ledger Recovery Key to the back of your Ledger Stax or Flex, and you’re done. You can also use multiple Ledger Recovery Keys to back up a single Secret Recovery Phrase, or multiple ones to back up different SRPs.

To guide you through the setup, check out any of these resources:

• A Support Centre article
• A video tutorial covering set-up, backup, and recovery
• Video FAQs answering all the questions you might have

How to Get Your Hands on Ledger Recovery Key

From today, every Ledger Stax and Ledger Flex will ship with a Ledger Recovery Key in the box at no additional cost, alongside the three existing paper recovery sheets, giving new device owners the optionality in self-custody we know they want.

When you make spare keys, you may make more than one and keep them in different physical locations, so you can buy as many Ledger Recovery Keys as you like on Ledger.com for $39, or you can pick up a bundle of three for $99, and create a sophisticated recovery setup that suits your needs. 

Already own a Ledger Stax or Ledger Flex? No worries – we haven’t forgotten those loyal customers who’ve already moved to secure screen devices, so we’re offering you a complimentary Ledger Recovery Key, claimable until August 30th. Head to this page to understand how the offer works, but please note, some shipping fees will apply.

Freedom of Choice in Secure Self-Custody 

Your crypto should give you financial freedom, not anxiety. We built Ledger Recovery Key to make secure self-custody approachable and easy-to-use for everyone, with zero compromise on security. We look forward to welcoming new users, exchange users, and software wallet users to the warm waters of the Ledger ecosystem. Welcome to the family, Ledger Recovery Key.  

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Authored by Ian C Rogers, Chief Experience Officer