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Safe, Sygnum Bank, CoinCover Partner to Launch Optional Crypto Recovery Hub

Safe, a smart wallet infrastructure provider, is collaborating with Sygnum Bank, a global digital asset banking group, and CoinCover, a UK-regulated recovery service provider, to introduce a curated suite of crypto recovery options known as the “Safe Recovery Hub.”

This recovery hub aims to provide users with a variety of options, including self-custodial and social recovery, among others. The goal is to allow users to customize a key recovery solution that aligns with their individual risk preferences. Lukas Schor, co-founder at Safe, explained that this initiative addresses the challenges associated with the complex landscape of key management, offering users a broader range of recovery choices.

Safe Recovery Hub allows users to regain access to their digital asset accounts through designated “recoverers,” which can include family members, friends, and third-party service providers like Sygnum Bank and CoinCover. These designated entities serve as recovery options to facilitate account access in case of a recovery event.

Importantly, users retain full control and only grant access and control to the designated recoverers during a recovery event, even in a custodial setup. The user-driven model empowers account holders to dictate the terms of asset management themselves, representing an unprecedented approach in both the crypto industry and traditional finance. This marks a significant step towards financial sovereignty, providing users with greater control over their digital assets.

The need for reliable institutional recovery solutions is highlighted by a GitHub post, which states that over 900,000 ETH (equivalent to $1.92 billion) is inaccessible to users due to forgotten keys. Thomas Eichenberger, Chief Product Officer at Sygnum Bank, underscores the significance of addressing this issue and emphasizes the growing demand for secure recovery solutions for institutional investors.

The Safe Recovery Hub, designed to tackle such challenges, will initially be accessible to users of the Safe wallet. Services provided by partner companies, including Sygnum Bank, are expected to debut in the first half of 2024. This collaborative effort aims to offer institutional-grade recovery solutions for digital assets, addressing the complexities and challenges associated with key management in the crypto space.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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