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Coinbase Wallet Now Lets You Backup Private Keys on Google Drive

Coinbase Wallet shall soon allow users to use iCloud and Google Drive to preserve their private keys. Users’ private keys of the Coinbase wallet will be backed up in an encrypted form to their personal cloud storage space. This will be helpful to users in case they need to recover their accounts at any point in time.

The announcement says:

The announcement says

The only thing that users will need to do is choose a good password and remember that password. At any point, if users need to recover your account or funds, users can access the encrypted private key and regain access.

Undoubtedly, the files enjoy dual safety as they exist in iCloud and Google Drive with a strong password and other safety shields. Numerous Google Drive and iCloud accounts have location-based verification as well as two-factor authentication features to offer additional protection.

Coinbase’s cloud service supports many wallets, letting users to easily switch between wallets and accounts.

To start off the cloud backup, users will have to upgrade their Coinbase Wallet app to the newest version. When you open the newest version of the app, users will see a pop-up message regarding Google Drive or iCloud backup. Click, “Back up now” and initiate the backup process of your private keys.

When news relating to this new feature in the Coinbase wallet came in, it was subject to a lot of criticism for allowing users to keep their private keys on a centralized server. Moreover,  iCloud and Google Drive both have been victims of hacks and phishing earlier.

Coinbase Wallet New Feature

Based in San Francisco, California, Coinbase is a digital currency wallet and platform established in June 2012, where customers and merchants can trade digital currencies like Ethereum, Litecoin, Bitcoin, and many more.

Erica Lee

Erica is a finance professional who has over a decade of experience in the finance sector as a management consultant. After years of reporting on forex, stock markets, and finance, she now contributes her strong financial skills with the CoinNewsSpan team. Since 2014, she has been deeply involved in the blockchain and cryptocurrency space. She believes that blockchain technology has tremendous potential to make our lives better.

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