San Francisco-based Coinbase has launched a new feature for its asset wallet. The software allows users back up their encrypted keys using either Google Drive or icloud to provide a safeguard against lost keys.
Announcing on Feb.12, Coinbase now allows customers to upload their Coinbase wallet’s private keys to personal cloud storage accounts. It claimed to help users avoid losing funds in the event that they lose their devices or misplace the keys.
“Now, with cloud backup, we give you the ability to store an encrypted copy of your recovery phrase on your personal cloud account. You will only have to remember a password, that you decide, in order to recover your funds. If you lose your device or get signed out of the app, you can easily regain access to your funds with the combination of your personal cloud account (iCloud or Google Drive) and your password”, the announcement explained.
In term of privacy, neither Coinbase nor the cloud service provider will have access to users’ passwords or funds. The backup is reportedly encrypted with AES-256-GCM encryption which is only accessible by the Coinbase Wallet mobile app.