sludgefeed.com
San Francisco-based Coinbase announced Tuesday that users of the Coinbase Wallet can now store encrypted private keys on personal cloud storage accounts, using either Google Drive or iCloud.
🔐☁️ Introducing Cloud Backup for your private keys on Coinbase Wallet!
Backup to your personal iCloud or Google Drive, and explore the open financial system with peace of mind. https://t.co/6uaHT8AZky
— Coinbase Wallet (@CoinbaseWallet) February 12, 2019
According to the announcement, private keys are encrypted with AES-256-GCM encryption and accessible only by the Coinbase Wallet mobile app with a password. Coinbase will provide periodic notifications to backup the recovery phrase.
“You will only have to remember a password, that you decide, in order to recover your 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,” says Coinbase.
The new functionality comes shortly after Coinbase added support for both newer SegWit addresses and Legacy Bitcoin addresses with backward compatibility in all applications.
Coinbase Wallet already supports ETH and ETC, and the 100,000+ ERC-20 tokens on the Ethereum blockchain. The exchange notes that the token addresses for existing Coinbase Wallet users should be conserved across the mobile app and wallet.