Safe, Sygnum Bank, CoinCover Partner to Launch Optional Crypto Recovery Hub
Smart wallet infrastructure provider Safe has teamed up with Sygnum Bank and CoinCover to introduce the “Safe Recovery Hub,” a curated suite of crypto recovery options.
The recovery hub offers various options, including self-custodial and social recovery, allowing users to customize their key recovery solution based on their risk preferences.
Users can recover access to their digital asset accounts through designated “recoverers” such as family and friends, as well as third-party service providers like Sygnum Bank and CoinCover. Users maintain full control over their accounts and can cancel any recovery attempt.
According to a GitHub post, over 900,000 ETH (worth $1.92 billion) are currently inaccessible due to forgotten keys, highlighting the need for reliable recovery solutions.
The Safe Recovery Hub will be available to Safe wallet users, with partner services launching in the first half of 2024.
Hot Take: Partnership Aims to Address Key Management Challenges
Safe’s partnership with Sygnum Bank and CoinCover to launch the Safe Recovery Hub is a significant step towards addressing the challenges associated with key management in the crypto industry. By offering a range of recovery options and giving users control over their assets, this collaboration aims to provide a more secure and user-friendly experience for crypto investors.
The growing need for reliable institutional recovery solutions is evident from the large number of inaccessible funds due to forgotten keys. This partnership reflects the commitment of Sygnum Bank and CoinCover to meet the evolving needs of institutional investors in the crypto space.
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