# Introducing Safe{RecoveryHub} - A new crypto wallet recovery ecosystem launching with Sygnum and Coincover By [Safe](https://paragraph.com/@safe-2) · 2023-12-07 --- Our blog is live! Read this article on our [Safe Blog](http://safe.global/blog). _Safe_ is excited to introduce Safe{RecoveryHub} – a marketplace of options in Safe{Wallet} to set up account recovery, your way. Launched in collaboration with [Sygnum](https://www.sygnum.com/), a global digital asset banking group, and [Coincover](https://www.coincover.com/), a UK-regulated recovery service provider, Safe{RecoveryHub} offers 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. > “One of the great challenges with making cryptocurrency and blockchain applications usable for average users is security: how do we prevent users' funds from being lost.” – Vitalik Buterin, in “[Why we need wide adoption of social recovery wallets](https://vitalik.ca/general/2021/01/11/recovery.html)” With the great power of self-custody comes great responsibility. But the reality is, not everyone is equipped or savvy enough to take on that responsibility. It has been estimated that over [900K ETH](https://github.com/jconorgrogan/Lost-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. Enter Safe{RecoveryHub}. Not only does this novel account recovery marketplace give you the power to recover your account, it also offers a spectrum of recovery options with something for every type of self-custody appetite. With the aim to provide the best user experience across all possible set-ups, Safe{RecoveryHub} will gradually roll-out different recovery options from self-custodial recovery to a third-party recovery setup. Starting from today, self-custody recovery will be available in Safe{Wallet}. Sygnum and Coincover recovery partners will be added in H1 2024, plus more to come. **Account recovery, your way** ------------------------------ Safe{RecoveryHub} provides a curated suite of crypto recovery options, offering a customised approach to account recovery with something for every profile – from institutional treasuries to DAOs, or individual users. Users, as first-party, will have the ability to recover access to their accounts through designated “Recoverers”, which can be, a hardware wallet, family members, friends, collaborators, among other examples. They can also choose a third-party recovery option with Safe{RecoveryHub} ecosystem partners right through Safe{Wallet}. Critically, even with a third-party providers, users retain ultimate control through veto rights to cancel any recovery attempts. At no stage does a user ever share any private key material with third parties. Users can also designate multiple Recoverers—as many as they feel comfortable with—to bolster account security. **Now available in Safe{Wallet}: Self-custodial recovery** ---------------------------------------------------------- Starting from today, Safe{Wallet} users can set-up customised account recovery to help regain access to their lost account. Account recovery is currently supported for the following networks: Ethereum, Arbitrum, Optimism, Polygon, and Gnosis Chain. **How does Safe{Wallet} self-custodial recovery work** In Safe{Wallet}, account recovery can be easily set up through the _Security & Login_ settings. The account recovery process enables a Recovery module, which will require a transaction. Users can change Recoverers or alter their recovery setup at any time. [![]({{DOMAIN}}/editor/youtube/play.png)](https://www.youtube.com/watch?v=FrChdHIdO3c) **Key settings to configure** * **Recoverer:** A nominated “guardian” that can initiate the recovery process for your account. It can also be another account that you own. * **Review window:** A delay period during which you can reject the recovery from happening. The default setting is at 28 days. * **Transaction expiry:** The time frame during which the recovery can be executed after the delay expires. The default setting is infinite. **How account recovery works in a nutshell** **1\. Set up: Choose a Recoverer and set a review window** Only your chosen Recoverer can initiate the recovery process. The process can be cancelled at any time during the review window. **2\. Need to recover access?** Let the Recoverer connect and start the recovery process. Your trusted Recover is able to propose a new Safe Account ownership setup on-chain to help you regain access to your funds. _(Review window time elapses…)_ **3\. All done! The Recoverer can now set your wallet as a new owner** Once the review window has passed, you can execute the recovery proposal and regain access to your Safe Account. **Building an ecosystem of account recovery** --------------------------------------------- Launching in H1 2024, users can soon nominate trusted third-party service providers like Sygnum, a Swiss-regulated bank with over CHF 3.5B assets held in institutional-grade custody, and CoinCover as designated recoverers to facilitate recovery. Adding reputable, institutional-grade third-party partners such as Sygnum and Coincover as options broadens and expands the range of recovery options for users with differing preferences and needs. Besides self-custodial recovery, users will be able to include third-party partners in potentially mixed and hybrid custody setups. > “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.” – **Thomas Eichenberger, Chief Product Officer, Sygnum** > "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." – **Morgan Williams, Web3 Product Director, Coincover** ### Sign up for launch waitlist Be the first to know when our partner recovery solutions are available: * [Sygnum](https://wn2n6ocviur.typeform.com/to/cJbJW0KR) * [Coincover](https://wn2n6ocviur.typeform.com/to/ijqSzOkr) **How it works under the hood** ------------------------------- ![](https://storage.googleapis.com/papyrus_images/dec8290bf22e9d126b353bcac3ed0947e93bf3b1294113778203607aa7aad4d3.png) Here are just some possible set-up configurations imagined: * **Individual Recovery** Nominate another trusted individual account, for example, a hardware wallet or an account on another device * **Third-party Recovery** Nominate an established recovery provider such as Sygnum or Coincover (available H1 2024) * **Friends & Family (Social) Recovery** Nominate various trusted friends or family members with any threshold * **DAO Alliance Recovery** Nominate one or multiple DAO Multisigs with any threshold * **Hybrid or Mixed Recovery** Nominate a mix of all the above, such as an externally owned or smart account, DAO, neighbour —whatever makes you Safe. ![](https://storage.googleapis.com/papyrus_images/44fd7d9f0a1fb17a821d63054ed59a91ddb4ac02067e8a6fd2f17871ba11f1bf.png) > “With this solution, rather than face a binary choice between a self-custody or custodial experience, users are empowered to optimise a key recovery solution to fit their personal risk preferences. This user-driven module, where account holders dictate the terms themselves, is unprecedented both in the crypto industry and traditional finance, marking a new milestone in the path towards financial sovereignty.” – **Lukas Schor, Co-Founder, Safe** Safe{RecoveryHub} will be available to all [Safe{Wallet}](https://safe.global/wallet) users from today, starting with self-custodial recovery on Ethereum, Arbitrum, Optimism, Polygon, and Gnosis Chain. Recovery partner solutions from Sygnum and Coincover will launch in H1 2024. 👀 Builders, watch out for Safe{Core} composable recovery solutions coming your way in 2024. **Set up account recovery with Safe{RecoveryHub}** For more details including a step-by-step guide on how to set up account recovery, check out our Help Center article: [Account recovery with Safe{RecoveryHub}](https://help.safe.global/en/articles/110656-account-recovery-with-safe-recoveryhub). Try it now: [Set up self-custodial recovery](https://app.safe.global/welcome?chain=eth) in Safe{Wallet}. Stay in the loop with all our latest insights and updates! Click Subscribe and never miss a beat from our team. * Download [Safe{Wallet}](http://wallet.safe.global) * Build on [Safe{Core}](http://core.safe.global) * Explore the [Safe Ecosystem](http://ecosystem.safe.global) --- *Originally published on [Safe](https://paragraph.com/@safe-2/introducing-safe-recoveryhub-a-new-crypto-wallet-recovery-ecosystem-launching-with-sygnum-and-coincover)*