Jun 24, 01:29 PM

Ledger Unveils NFC Recovery Key to Simplify Crypto Wallet Backup

Hardware-wallet maker Ledger has introduced the “Recovery Key,” a credit-card-sized NFC device designed to let owners of its forthcoming Flex and Stax wallets restore access to their crypto holdings by tapping the card against the wallet and entering a PIN. The card stores an encrypted backup of the user’s private keys in a Secure Element and is verified through the secure screen built into Ledger devices. Chief Technology Officer Charles Guillemet said the Recovery Key complements—rather than replaces—the traditional 24-word seed phrase, offering a simpler option for users who find the current backup method cumbersome. Ledger released reviewable code, a white paper and said the product has undergone internal testing, external security audits and penetration testing by its in-house Donjon team. The Paris-based company estimates that more than 7.5 million Ledger devices safeguard about one-fifth of all crypto assets. Once dominated by hardware sales, its revenue is now split roughly 50-50 between devices and services. Ledger, valued at $1.4 billion after a $108 million fund-raising round in 2023, expects the Recovery Key to reach the market in the coming weeks; pricing has not been disclosed.