Ledger Recovery Key is an offline, PIN-protected smart card, unlike Ledger Recover, a 2023 cloud-based service that splits and encrypts users’ 24-word phrases into fragments stored in secure hardware modules across jurisdictions

Quotes that support claims

Ledger Recover in 2023 — another optional paid service that splits and encrypts users’ recovery phrases into fragments stored in secure hardware security modules across different jurisdictions

Unlike Ledger’s previously released key recovery product, Ledger Recover, which stores encrypted fragments of recovery phrases in cloud-based hardware security modules, Ledger Recovery Key is always offline and protected by its own PIN.