Major US cryptocurrency exchange Coinbase announced that the users of Coinbase Wallet can now back up their encrypted private keys in their personal cloud storage on Google Drive or iCloud. The addition of the new feature will enable users to safeguard their funds even if they lose their device or misplace private keys.
The wallet user can access their funds on the blockchain only through the use of the private keys that are generated and stored on their mobile device. The funds are normally lost permanently if the user loses their device or fails to backup their 12 word recovery phrase in a safe place.
While backing up and storing the encrypted copy of the recovery phrase in the personal cloud account, the user only needs to remember the password to the cloud storage to recover the funds.
Even if the user loses his device or gets signed out of the app, access can be regained with the combination of the personal cloud account and password.
Coinbase noted that the cloud backup is encrypted with AES-256-GCM encryption and accessible only by the Coinbase Wallet mobile app and can be decrypted only by the user password. Even Coinbase or the cloud backup provider will not have access to the password or funds at any time.
The cloud backup feature currently supports iCloud on iOS devices and Google Drive on Android devices, with support for other cloud services to be added in the future. The cloud backup is optional and the user has to opt-in to activate it.
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