• Wed, 20 Mar 2019, 03:23 PM
  • All times are UTC
  • Edition:
    International
Link copied

New feature to enable Coinbase Wallet users to backup private keys on Google Drive and iCloud

Wed, 13 Feb 2019, 11:53 am UTC

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.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $4,059.20 (+0.04%)
  • Ethereum (ETH) $139.70 (-0.35%)
  • XRP (XRP) $0.319300 (+0.30%)
  • Litecoin (LTC) $60.56 (-0.05%)
  • EOS (EOS) $3.74 (-0.77%)
  • Bitcoin (BTC) $4,059.20 (+0.04%)
Mar 20, 2019 (Wednesday)
11:43
Wirex launches crypto-friendly business accounts
10:43
Ground X to launch public testnet of blockchain platform 'Klaytn’ on March 29
10:08
Seoul Medical Center, Korean Ministry of Science and ICT collaborate on blockchain project
09:01
Kakao’s fintech arm Dunamu rolls out blockchain service platform ‘Luniverse’
07:11
Fortune 500 company Avnet starts accepting bitcoin via BitPay partnership
06:21
BitGo announces custody support for Blockchain Capital’s security token BCAP
05:15
Digital Asset co-founder Yuval Rooz takes the helm as CEO
04:13
Largest Swiss online retailer Digitec Galaxus starts accepting Bitcoin
03:41
Blockchain startup Bison Trails raises $5.25M in seed funding
Mar 19, 2019 (Tuesday)
11:32
Crypto wallet Ledger Nano S receives CSPN certification from French cybersecurity agency
10:43
CoinMarketCap adds Flipside’s Fundamental Crypto Asset Score to its platform
09:55
Crypto exchange Bithumb plans to lay off 50 pct of employees
08:55
Japan to implement new rules for cryptocurrency margin trading
07:08
U.S. National Pork Board partners with ripe.io to pilot blockchain technology
06:11
IBM seeks to transform cross-border payments with Blockchain World Wire
05:08
Sri Lanka-based Hatton National Bank partners with Infosys Finacle to pilot blockchain-based trade finance network
04:20
Blockchain information platform CoinNess closes Series A funding
03:44
Samsung SDS unveils ‘Deliver’ – a platform connecting different blockchain platforms
Mar 18, 2019 (Monday)
11:26
German crypto startup Donut secures $1.8M in seed round
10:46
Italian asset management firm AcomeA trials blockchain technology for distribution of funds
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft