Circuit has announced the public launch of its crypto asset recovery system designed to address losses caused by key loss and other risks.
New Recovery System by Circuit
Circuit announced the launch of its institutional crypto recovery engine powered by Automatic Asset Extraction (AAE) technology. This system automatically transfers assets to a pre-authorized secure vault if a private key is lost or a threat is detected. The solution starts with two institutional users: UAE-based custodian Tungsten and infrastructure provider Palisade.
Statistics on Crypto Asset Losses
Recent estimates suggest that between 2.3 million and 3.7 million Bitcoin are lost or unrecoverable, representing about 11% to 18% of Bitcoin's fixed supply. This situation highlights the need for institutions to have recovery systems in place.
Circuit's Founder on Asset Losses
Circuit's founder and CEO, Harry Donnelly, stated: "The permanent loss of assets is one of the biggest barriers to mainstream adoption. Institutions view asset recovery as a fundamental requirement, not a nice-to-have. Confidence in asset recoverability is critical for entering the crypto space."
Circuit's system aims to address one of the key issues in the crypto industry — asset losses, which could facilitate broader acceptance of digital currencies among institutional users.
