This post was originally published on Finextra (Security)
Sygnum is launching a web3 wallet recovery module built on Safe through the Safe{RecoveryHub}, setting a new standard in crypto.
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This solution makes self-custody wallet recovery reliable, easy to set up, and user-friendly.
• Sygnum is the first bank in the world to provide web3 wallet recovery: when designated as a recoverer on the Safe{RecoveryHub}, Sygnum can restore access if a user loses a signing key
• Sygnum’s secure, tailored, compliant approach to crypto self-custody and web3 user account recovery is built and launched in collaboration with Safe, the largest multi-sig web3 wallet infrastructure provider with over USD 100 billion in assets
• This onchain web3 wallet recovery solution from Sygnum and Safe solves one of crypto’s biggest challenges, enabling owners to retain financial sovereignty while reducing their risks
Given more than 900K ETH (worth approximately USD 1.92 billion) estimated as inaccessible to users, and significant losses due to forgotten keys, Sygnum is launching a web3 wallet recovery module built on Safe that sets a new standard in crypto to address this major challenge in crypto self-custody. Self-custody is one of the original value
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