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Safe launches crypto recovery service with Sygnum and CoinCover

By Gloria Methri

December 11, 2023

  • Account Recovery
  • Coincover
  • Crypto Recovery Service

Safe, Safe(Wallet), Safe(Recovery Hub), Sygnum Bank, Coincover, Crypto Recovery Service, FinTech, Digital Asset Management, Switzerland, EuropeSafe, the smart wallet infrastructure, is collaborating with Sygnum and CoinCover, to launch Safe{RecoveryHub}, offering a curated suite of crypto recovery options. Built with Safe’s smart account infrastructure at its core, this marketplace of solutions lays the technical groundwork for a tailored approach to smart account recovery.

Safe{RecoveryHub} offers a range of recovery solutions for all digital asset holders, from large institutions to individual users. Users can recover access to their accounts through designated recoverers, which can be personal backup devices, family members, friends, and collaborators, in a process known as “social recovery.”

In addition, third-party service providers like Sygnum, a Swiss-regulated bank with over $4 billion in assets held in institutional-grade custody, and CoinCover can also be designated as recoverers to facilitate recovery.

Importantly, even with a custodial recovery setup, Recoverers are given control by the user only in case of a recovery event and are trusted to recover access for users. At all other times, users retain full control through veto rights to cancel any recovery attempt. Users can also set up multiple recoverers and apply a threshold to further bolster security.

Lukas Schor, co-founder at Safe, said, “With this solution, rather than face a binary choice between a self-custody or custodial experience, users are empowered to optimize a key recovery solution to fit their personal risk preferences. This user-driven module, where account holders dictate the terms of asset management themselves, is unprecedented both in the crypto industry and traditional finance, marking a new milestone in the path towards financial sovereignty.”

Thomas Eichenberger, Chief Product Officer, Sygnum Bank, added, “As the market for self-custody expands and new use cases emerge, there is a growing need for reliable institutional recovery solutions. For individuals holding valuable digital assets, complementing self-custody with additional safeguards provides a balance between the desire for financial sovereignty and the need for risk management. This partnership to build a dynamic and secure recovery solution reflects our commitment to meet the evolving needs of institutional investors.”

Morgan Williams, Head of Product at Coincover, said, “This collaboration serves a twofold purpose: first, to meet the complex needs of existing crypto users; second, to create a foundation for newcomers from diverse backgrounds. Our goal is to establish a flexible recovery solution that adapts to users’ changing values, enhancing the security and inclusivity of the digital asset environment.”

Safe{RecoveryHub} will be available to all Safe{Wallet} users from today, while solutions from partners will be launched in the first half of 2024.

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