Key Takeaways
- Recovery Crypto enables users to insure their cryptocurrency holdings in case they lose access to their wallets.
- The service covers decentralized and cold wallets while insuring any number of tokens, including stablecoins and NFTs.
- Recovery Crypto is a fully decentralized recovery tool that uses smart contracts built on a blockchain DAO force.
- The user appoints trusted validators responsible for confirming the loss of access to the original cryptocurrency wallet or defining the recovery wallet from the start.
- With the rapid increase in crypto wallet ownership, the risk of losing access to wallets and their valuable assets has also risen.
In recent years, the surge of cryptocurrency has transformed the financial industry, with millions of people around the world investing in digital assets. However, the increased popularity of cryptocurrency has brought about a new set of problems, one of which is the risk of losing access to wallets that store valuable assets. With approximately 20% of the total Bitcoin supply permanently lost and other cryptocurrencies suffering similar losses, the need for a secure and efficient crypto recovery solution is more important than ever. Fortunately, Recovery Crypto, has launched the world’s first crypto insurance platform, offering a decentralized and reliable solution to recover lost or inaccessible crypto assets.
It allows users to insure their tokens in case they lose access to their wallets. The service covers decentralized and cold wallets, while insuring all tokens held, including stablecoins and NFTs.
Recovery Crypto 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,” Greta explained.
“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,” Greta added.
Recovery Crypto: How it works?
Recovery Crypto uses smart contracts built on a blockchain DAO force that allows users to appoint trusted validators responsible for confirming the loss of access to the original cryptocurrency wallet or defining a recovery wallet from the start. The system is a cutting-edge solution that eliminates the need for a seed phrase or password while successfully recovering any size of the assets.
A Transparent and Affordable Crypto Recovery Solution
The Recovery Crypto system offers affordable recovery options for all blockchain users, along with advanced features for larger crypto-holders.
The system ensures the transparency of the recovery process, which cannot be interfered with by any third party, and the auditor acts as proof of this to maintain transparency and security.
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.
Why it matters?
According to tripleA, the number of crypto wallet holders reached 420 million by the end of 2022, marking a growth of 120 million from the previous year. With this rapid increase in crypto wallet ownership, the risk of losing access to wallets and their valuable assets has also risen. This makes Recovery Crypto platform a crucial tool for crypto holders who prioritize the security of their assets.
According to an estimate, more than 30% of the total crypto market cap has been wiped out till date due to users losing access to their crypto wallets.
Binance CEO, Changpeng Zhao, said in an interview about the lack and need for such technologies in the crypto space.
Recovery Crypto sets a new standard for secure and efficient crypto recovery execution, eliminating the need for a seed phrase or password while ensuring successful recovery of any size of the assets. The platform offers a Freemium version to try its benefits, making it a versatile, decentralised and robust solution for recovering lost or inaccessible crypto assets.
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