Safe, Sygnum, and CoinCover have joined forces to launch Safe{RecoveryHub}, a platform that offers a range of recovery options for digital asset holders. With over 900K ETH (worth approximately $1.92 billion) inaccessible to users due to forgotten keys, the need for recovery solutions is evident. Safe{RecoveryHub} aims to address this issue by providing a marketplace of solutions built on Safe’s smart account infrastructure.
The platform allows users to recover access to their accounts through designated recoverers, which can include personal backup devices, family members, friends, and collaborators. Trusted third-party service providers like Sygnum and CoinCover can also be designated as recoverers to facilitate the recovery process.
Importantly, users retain full control over their accounts and have veto rights to cancel any recovery attempt. They can also set up multiple recoverers and apply a threshold for added security. This aligns with the concept of a holistic approach to recovery advocated by Vitalik Buterin, where a flexible set of at least three recoverers or ‘guardians’ can be designated.
The collaboration between Safe, Sygnum, and CoinCover aims to meet the needs of both existing crypto users and newcomers from diverse backgrounds. By providing a flexible recovery solution that adapts to users’ changing values, the partnership enhances the security and inclusivity of the digital asset environment.
Safe{RecoveryHub} will be available to all Safe{Wallet} users starting today, with solutions from partners set to be launched in the first half of 2024.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇨🇠🇬🇧 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Lukas Schor, Thomas Eichenberger, Morgan Williams |
| Companies | Safe, CoinCover, Sygnum |
| Currencies | Ethereum |
| Securities | None |
