The new Password Recovery 2.0 feature will help users restore access to their accounts by means of two-key authentication.

The startup based in San Diego has launched an update to the platform considering it the “first foolproof bitcoin wallet password recovery process,” reports EconoTimes. 

The recovery scheme employs a combination of two keys to reset the password. One of them is stored locally, the other is encrypted and saved on the Airbitz servers. To put the keys together, one needs to pass a simple verification procedure. The updated system prompts the user to answer two security questions and sends a link to their email. If the device is lost, the user can follow the link from their mailbox and repeat the correct answers to restore access to their account at any time. In the case of forgotten password, the same two answers are used to get to the password reset option from the local device.

“We’re excited to solve one of the biggest challenges facing the mass adoption of cryptocurrency. Solving the problem of securely storing bitcoins without having to worry about lost passwords will help bring the bitcoin economy to the 99 percent of humanity who can benefit from this amazing technology and currently is out of the loop,” commented Paul Puey, Airbitz CEO.

In February this year, Airbitz announced the new collaboration with CleverCoin from the Netherlands, to expand to the European market the in-app option, which allows users to sync the wallet with their bank account

Lena Gabdullina