Um did we read the same article? It's a $10 KYC subscription service that sends your private key over the internet to other companies... this isn't about increasing adoption. It's compromising users' security to increase profits.
Discussion
It's encrypted and sharded to 3 different companies. It's not the best way. I don't recommend it. But it will appeal to some people, possibly older generation. Which helps adoption. It also will backup up to 50,000 euro if lost. I recommend to store on pen and paper. But we are not all responsible or tech savvy.
Doesn't matter if it's encrypted and "sharded". This opens up the private key to middleman attacks and backdoor exploits, not to mention that this information could be forced to be revealed by a court order or government overreach. It's insanely irresponsible.
Every comment I made, I said it's not recommended or safe. But it's all some people can handle/want/trust. And it's not mandatory. If you lose a bank card, you can show ID to the bank and get it back. People want the same thing in crypto, especially old generation. I will always use pen and paper. But I'm also open for other routes to get people on boarded.
Nah we should not be recommending or supporting this for anybody. If they can't handle their own recovery phrase, then they should use a multi-sig solution service like unchained, where each party holds a private key in a device that doesn't have a potential backdoor like ledger. That's safe and easy for anyone to do.
As I have said multiple times, I am not recommending it. But it may be the option for some people. Not a smart option. But an option. Which allows for more on boarding.