Benzinga - Cryptocurrency hardware wallet provider Ledger has decided to postpone the launch of its highly anticipated Ledger Recover service following a wave of criticism on social media.
The company faced significant backlash due to what its CEO, Pascal Gauthier, referred to as an "unintentional communication mistake" that resulted in consumers not fully grasping the concept of Recover.
In an open letter addressing the concerns, Gauthier emphasized the company's commitment to the necessity of a service like Ledger Recover.
He expressed the belief that individuals should have complete control and custody over their digital assets, a principle that aligns with the concept of self-sovereignty in the crypto space.
Gauthier drew from his own extensive experience in the industry, stating, "Those of us who have been in the space for a long time, over a decade in my case, have a responsibility to ensure everyone can be self-sovereign and can have self-custody over their digital value."
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To address the growing concerns and provide further clarity, Ledger executives held a town hall on Twitter Spaces to answer customer questions and discuss the future of Ledger Recover.
Among the key announcements made during the session, Ledger's Chief Technology Officer, Charles Guillemet, revealed that they would open-source the white paper of Recover.
This move would enable developers to create their own backup providers, giving users the option to either utilize Ledger's offering or develop their own personalized backup solution.
Guillemet expressed the company's commitment to providing flexibility, stating, "If you want to build the backup on your own, this will be possible."
When Ledger initially announced the pending release of Ledger Recover, industry experts issued warnings about the potential repercussions it could have on the broader crypto industry.
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