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Safe, in partnership with Sygnum Bank and Coincover, has launched Safe RecoveryHub, a crypto recovery service. This service offers users various recovery options, including self-custodial, custodial, and social recovery. Users can regain access to their crypto assets through designated “recoverers,” such as personal backup devices, family members, friends, or trusted third parties like Sygnum Bank and Coincover. Users maintain control over their accounts and can veto any recovery attempts. To enhance security, multiple recoverers can be set up. This solution aims to provide users with a recovery option that aligns with their risk preferences. Safe Wallet users can access this service, and partner solutions are expected to launch in the first half of 2024.Self-custody is a crucial aspect of web3, enabling users to have complete control over their assets. However, there are risks involved, as user errors and faulty contracts have led to significant Ethereum losses. Social recovery alternatives, like Safe RecoveryHub, can help mitigate these risks, especially for institutions. The increasing demand for self-custody has created a need for reliable institutional recovery solutions that complement self-custody with additional safeguards. Safe’s collaboration with Sygnum Bank and Coincover aims to address this need.It’s worth mentioning that Ledger, a hardware wallet provider, introduced a similar recovery solution earlier this year in partnership with Coincover. This solution utilizes advanced cryptography and multi-party computation.