Safe social recovery eases private key management

Wallet infrastructure provider Safe has collaborated with digital asset bank Sygnum and cryptocurrency recovery group CoinCover, to introduce Safe{RecoveryHub} — a handful of social recovery options for crypto wallets.

Lost or forgotten private keys has left an estimated $1.92 billion worth of ether in the lurch. When a user first signs up for a crypto wallet, they generate a public key — a string of random letters and numbers — with which they can receive crypto, and a private key, used to send or otherwise prove ownership of the tokens by cryptographically signing transactions.

Key management systems in Web3 have very few recovery solutions, meaning that if a user loses their…

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