Safe launches Safe{RecoveryHub}, joining forces with Sygnum Bank and Coincover to set new standard for crypto recovery

Safe launches Safe{RecoveryHub}, joining forces with Sygnum Bank and Coincover to Set New Standard for Crypto Recovery


Zug / Zurich, 7 December 2023: Safe, the leading smart wallet infrastructure provider, is collaborating with Sygnum, a digital asset banking group, and CoinCover, a UK-regulated recovery service provider, to launch Safe{RecoveryHub}, offering a curated suite of crypto recovery options. Built with Safe’s battle-tested smart account infrastructure at its core, this marketplace of solutions lays the technical groundwork for a tailored approach to smart account recovery.

It has been estimated that over 900K ETH (worth approximately $1.92 billion) is inaccessible to users, with significant losses due to forgotten keys. Despite self-custody being one of the original value propositions of web3, complex key management remains a significant barrier for users, with few recovery solutions available. Safe{RecoveryHub} offers a comprehensive 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, trusted third-party service providers like Sygnum, a Swiss-regulated bank with over USD 4 billion 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. In all other times, users retain full control through veto rights to cancel any recovery attempt. Users can also setup multiple recoverers and apply a threshold to further bolster security. This aligns with Vitalik Buterin’s advocacy for a holistic approach to recovery, where a flexible set of at least three recoverers or “guardians” can be designated, ranging from personal connections to institutions.

Lukas Schor, co-founder at Safe, commented, “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, Web3 Product Director at Coincover, added, “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.

*This is a joint announcement from Safe, Sygnum and Coincover.

ENDS

About Sygnum
Sygnum is a global digital asset banking group, founded on Swiss and Singapore heritage. We empower professional and institutional investors, banks, corporates and DLT foundations to invest in digital assets with complete trust. Our team enables this through our institutional-grade security, expert personal service and a portfolio of regulated digital asset banking, asset management, tokenization and B2B services. 

In Switzerland, Sygnum holds a banking licence and has CMS and Major Payment Institution Licences in Singapore. The group is also regulated in the established global financial hubs of Abu Dhabi and Luxembourg. 

We believe that the future has heritage. Our crypto-native team of banking, investment and digital asset technology professionals are building a trusted gateway between the traditional and digital asset economies that we call Future Finance. To learn more about how Sygnum’s mission and values are shaping this digital asset ecosystem, please visit www.sygnum.com.

About Safe

Safe (previously Gnosis Safe) is an onchain asset custody protocol, securing ~$54 Billion in assets today. It is establishing a universal ‘smart account’ standard for secure custody of digital assets, data, and identity. With Safe{Wallet}, it’s flagship web and mobile wallet and Safe{Core} account abstraction infrastructure, Safe is on a mission to unlock digital ownership for everyone in web3 including DAOs, enterprises, retail and institutional users.

Website, Twitter, Discord, Blog, GitHub, Docs

About Coincover

Blockchain technology is changing everything. However, it brings its own set of unique risks. Coincover exists to ensure everyone is protected, enabling them to innovate freely, without constraints. 

Coincover provides a complete blockchain protection solution, addressing the most significant barrier to mainstream adoption: trust. Our protection solutions ensure that access and assets are never lost. 

Founded in 2018 and backed by leading investors, Coincover protects over 350 of the biggest names in blockchain, keeping them and their customers safe from theft, hacking, and human error.

Visit www.coincover.com for more information.

Morgan Williams, a seasoned blockchain professional and current Web3 Product Director at Coincover. Holding an MBA specialized in adoption and innovation in Web3, he has over a decade of experience in the industry.

Media enquiries
Luke O’Baoill, Senior Consultant, Wachsman
[email protected]
+353 86 077 4841

Dominic Castley, Chief Marketing Officer 
[email protected] 
+41 58 508 21 01

Sygnum Bank AG
Uetlibergstrasse 134a
8045 Zurich
Switzerland

Disclaimer
This document was prepared by Sygnum Bank AG. This document may contain forward looking statements and may be subject to change. The opinions expressed herein are those of Sygnum Bank AG, its affiliates, and partners at the time of writing. The document is for informational purposes only and contains general material. It is for use by the recipient only. It does not constitute any advice or recommendation, an offer or invitation by or on behalf of Sygnum Bank AG to purchase or sell assets or securities. It is not intended to be used as a general guide to investing, and should be used for informational purposes only. When making an investment decision, you should either conduct your own research and analysis or seek advice from an expert to make a calculated decision. The information and analyses contained in this document have been compiled from sources believed to be reliable. However, Sygnum Bank AG makes no representation as to its reliability or completeness and disclaims all liability for losses arising from the use of this information.

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