The Recovery Phrase is used to access your account or to add an additional device to your account. It consists of 12 randomly generated words and is generated on demand from your app. It should never be shared with anyone and it should be stored in a secure place.
To set up the Recovery Phrase, from the Profile go to the Security tab.
Click on Activate Recovery Phrase.
Click on Add Recovery Phrase.
After clicking Activate, you will be asked for your Passcode. In the case you have a numeric 4-digit or 6-digit Passcode, you will see this screen.
In the case you have a custom Passcode, you will see this screen.
After successfully entering your passcode, you have successfully activated your Recovery Phrase.