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Cryptocurrency exchange Coinbase has announced that a new feature that would allow users to backup an encrypted version of private keys of their Coinbase Wallet.
This would help users avoid losing their funds if they lose their device or misplace their private keys. In an online post dated February 12, Coinbase said:
“Starting today, you can now backup an encrypted version of your Coinbase Wallet’s private keys to your personal cloud storage accounts, using either Google Drive or iCloud.”
Up until now, users were able to access their funds on the blockchain only through the private keys generated and stored on mobile devices. However, sometimes they lose their devices or fail to backup their 12-word recovery phrase in a safe place, thus losing their funds forever.
With cloud backup, users would be able to store an encrypted copy of their recovery phrase on their personal cloud account. Coinbase explained that users would now need to remember only a password, decided by them, to recover their 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,” it added.
“Coinbase will not have access to your password or funds at any time, preserving your privacy and control. Your cloud backup provider will also not have access to your funds, as only you know the password that decrypts your encrypted recovery phrase.”
Coinbase said that the cloud backup feature currently supports iCloud on iOS devices and Google Drive on Android devices and will be rolled out for other cloud services in the future. The feature is optional and users would have to opt-in to activate it.
In August 2018, Coinbase announced the rebranding of Toshi as “Coinbase Wallet.” Earlier this month, the user-controlled wallet added support for Bitcoin (BTC). It already supports Ethereum (ETH), Ethereum Classic (ETC), and over 100,000 different ERC20 tokens and ERC721 collectibles built on Ethereum.
