Coinbase Wallet shared a relevant update with its customers: an encrypted version of their private keys may now be backed up in cloud storage on Google Drive or iCloud.
Its main purpose: to avoid the loss of assets in the event of lost private keys — namely through stolen mobile devices or simply forgetfulness.
“The private keys generated and stored on your mobile device are the only way to access your funds on the blockchain.” — Coinbase remembered in its official announcement.
The company added that neither it nor the cloud services will have access to the user’s private keys and funds — protected by a password that only the user will know.
And went on saying that the new backup resource is totally optional.
In addition, it also shared its intention of expanding support to other cloud services in the future, beyond Google Drive and iCloud.
Coinbase, which is US major crypto exchange, has been quite active lately. Remember some of other support updates it has announced recently here.
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