Ledger, the well-known hardware wallet manufacturer, has introduced a new physical "Recovery Key" designed for its Flex and Stax wallets. This NFC-capable card securely stores a PIN-protected backup key within a secure element, allowing users to recover their crypto wallets by simply tapping the card against their Ledger device and entering the PIN.
The Recovery Key is positioned as a complementary option to the traditional 24-word seed phrase, not a replacement. It aims to provide an easier and safer recovery process while maintaining high security standards. The product has undergone thorough internal and external security audits, including extensive testing by Ledger's white hat hacking team, Donjon.
Ledger emphasizes that this Recovery Key is firmware upgradeable, setting it apart from competitors like Cypherock's X1 cards, which lack this flexibility. Ledger’s devices also feature a secure screen to ensure users see and sign legitimate transactions, enhancing security further.
This new backup solution will be optional and configurable by users, who can create unlimited spare keys. Ledger plans to release a whitepaper and make the source code open for review to support transparency. The product launch is anticipated "in the near future." Ledger’s Chief Experience Officer, Ian Rogers, stated the company now offers the broadest suite of recovery choices, aiming to make secure self-custody accessible and user-friendly.
