CEO Ledger Shares Strategies to Earn Back User Confidence
In a recent blog post, Pascal Gauthier, Chairman and CEO of Ledger, addressed concerns about the company’s new product, Ledger Recover.
The announcement of this product, made by Coincover, was met with confusion and surprise, prompting Gauthier to explain its purpose and future plans for the company.
Ledger Recover is a service designed to help recover lost seed phrases. Seed phrases are essential for cryptocurrency self-guarding, as they allow users to retrieve their private keys, which govern their digital assets. However, many users either do not own their private keys or compromise them by using less secure forms of self-holding such as software wallets and storing their seed phrases in insecure ways that result in loss of or unauthorized third parties gaining access to funds.
The blog post reiterates that Ledger’s mission is to make crypto secure and easy to use, and Ledger Recover is part of that mission. The company allegedly believes in the need for a service like Ledger Recovery.
Gauthier acknowledged that the announcement of Ledger Recovery was not communicated effectively, which led to confusion and surprise among customers. He apologized for this and confirmed that the company had learned from this experience and would work to improve future communications.
Ledger’s commitment to security is unwavering. The company highlights that it has nearly a decade of experience securing private keys and its efforts have been recognized, with its hardware wallet allegedly the only one certified by Consumer Reports. Ledger’s Donjon Security Team is dedicated to reviewing not only Ledger’s firmware and hardware updates but updates for the entire ecosystem as well.
In addition to security, Ledger claims to value transparency. Ledger highlighted that most of its code base is open source, allowing developers and security experts to review the code. This transparency extends to Ledger Recover, which will not be released until open source as much of Ledger’s operating system as possible is complete.
Ledger plans to accelerate the open source roadmap, starting with the core components of the operating system and Ledger Recover. The company will also open source the Ledger Recovery protocol, giving the community more choice in self-custody. The move is part of Ledger’s commitment to bring security and self-defense to the next wave of crypto users.
The company is apparently trying to restore user trust after enabling users to export a recovery phrase for their recovery service (with confirmation on the device) with a firmware update after assuring its users that their private keys will never give away the hardware.
The firmware update surprised a lot of the community, as many users previously thought that extracting the private key from the device would be impossible.
You must log in to post a comment.