- The service covers decentralized and cold wallets while insuring however many tokens users may hold
- Recovery Crypto sets a new standard for secure and efficient crypto recovery execution
Recovery Crypto, the world’s first insurance system for crypto enthusiasts, has announced its new platform that allows users to insure their tokens should they lose access to their wallets, Bankless Times learned from an exclusive press release.
The service covers decentralized and cold wallets while insuring all tokens users hold, including stablecoins and NFTs. Recovery Crypto gives users peace of mind and is scheduled to go online on February.
A failsafe decentralized solution
Recovery Crypto uses algorithms and smart contracts based on DAO principles, where the wallet owner appoints trusted Validators to confirm lost access, or defines recovery wallet from the start.
Built with the latest Web 3.0 and blockchain technology, this cutting-edge product offers affordable recovery options for all blockchain users. For larger crypto-holders, advanced features are available.
Eliminates the need for a seed phrase or password
This system eliminates the need for a seed phrase or password while successfully recovering any size of the assets. Recovery Crypto sets a new standard for secure and efficient crypto recovery execution.
The system ensures the transparency of the blockchain by allowing users to choose their own rules and have them governed by validators. This means that the integrity of the recovery process is maintained and cannot be interfered with by any third party.
The auditor acts as proof of this so that the recovery process remains transparent and secure. The Crypto Recovery system can recover many cryptocurrencies from multiple blockchains and store them in pre-approved DAO for added security, until the owner decides where to transfer them further.
A crucial tool for crypto holders who prioritize security
By the end of 2022, the number of crypto wallet holders had reached a staggering 420 million. With this rapid increase, the risk of losing access to these wallets and their valuable assets has also risen.
Approximately 30% of the total Bitcoin supply has been lost, and it’s estimated that other cryptocurrencies have suffered similar losses, potentially totaling 20% of market capitalization.
In light of this, the Recovery Crypto platform has become a crucial tool for crypto holders who prioritize the security of their assets. Crypto Recovery co-founder Greta Sapkaite said:
Our mission is to create an independent, verifiable, safe way to ensure asset recovery in case of a loss. You can think about it like insurance: you purchase a car, buy the insurance, and you drive away knowing that you are covered in case of an accident or emergency. You have to trust no one – but emotionless decentralised smart contracts build to execute. This was the real-life approach we embedded in the blockchain for the benefit of all.
