Ledger plans to launch its private key recovery service by the end of this year

ChainCatcher news, according to The Block, Ledger plans to launch its key recovery service by the end of this year, despite the product receiving a lukewarm response from users when it first debuted in May. The service is designed to help users recover their private keys by splitting the seed phrase into three parts and sharing them with Ledger and two other security companies, CoinCover and EscrowTech.

Despite the controversy, Ledger's CEO Pascal Gauthier still stated that the Ledger Recover service is expected to go live by the end of the year, along with some open-source features requested by users. Additionally, Ledger is also considering how to provide privacy protection tools while offering identification information when needed.