Safe's New Crypto Recovery Service: A Collaboration with Sygnum Bank and Coincover

Introducing Safe RecoveryHub: A Game-Changer in Crypto Asset Recovery

In a significant development for the crypto industry, Safe (formerly Gnosis Safe), in collaboration with Sygnum Bank and Coincover, has unveiled “Safe RecoveryHub.” This innovative service bridges the gap between self-custody and custodial solutions, offering users a flexible approach to recovering their digital assets.

Empowering Users with Flexible Recovery Options

Safe RecoveryHub revolutionizes the concept of asset recovery in the crypto space. Users can opt for a range of recovery methods, from self-custodial to custodial solutions, and even social recovery mechanisms. This flexibility caters to the diverse needs and risk preferences of individual users.

Social Recovery: Balancing Control and Security

A key feature of RecoveryHub is its social recovery option. Users can designate trusted individuals or devices as ‘recoverers,’ including family, friends, or collaborators, enabling a more personal approach to asset recovery. This feature ensures users retain control over their accounts, initiating recoveries only when necessary and maintaining the ability to veto unauthorized attempts.

Setting a New Standard in Crypto Asset Safety

Safe co-founder Lukas Schor emphasizes the service’s ability to tailor recovery solutions according to personal risk preferences. This approach addresses the inherent challenges of self-custody in web3, where users have full control over their assets, a stark contrast to centralized exchanges and wallets.

The Growing Importance of Institutional Recovery Solutions

Thomas Eichenberger, CPO of Sygnum Bank, highlights the increasing demand for reliable institutional recovery solutions in the burgeoning self-custody market. The integration of additional safeguards in Safe RecoveryHub provides a balanced solution for those seeking financial sovereignty without compromising on risk management.

Availability and Future Plans

Safe announces that RecoveryHub is now accessible to all Safe Wallet users, with integrated partner solutions slated for release in the first half of 2024. This initiative marks a significant step in enhancing the security and user-friendliness of self-custodial digital asset management.

Ledger’s Pioneering Steps in Advanced Recovery Solutions

Earlier this year, hardware wallet provider Ledger, in partnership with Coincover, introduced a similar advanced recovery solution. This collaboration employed cutting-edge cryptography and multi-party computation techniques, underscoring the industry’s move towards more secure and user-centric asset recovery methods.