COINBASE WALLET ADDS KEY BACKUP FUNCTION

Users of the Coinbase Wallet cryptocurrency wallet will now be able to create backup copies of keys on Google Drive or iCloud.

In a statement, Coinbase said that allowing users to upload their keys to the cloud will provide protection against their loss, which will avoid the loss of funds in the event of their improper placement.

Coinbase Wallet users will now be able to store an encrypted copy of the recovery phrase in their cloud accounts. Coinbase notes that neither it nor cloud services will have access to users’ funds, as the recovery phrase key is unlocked with a password known only to the user.

The company reports that in addition to Google Drive and iCloud, support for other cloud storage will be added over time, but this feature will be an additional service that will not replace the original recovery option.

Earlier, the company announced the addition of Bitcoin support to its cryptocurrency wallet, and also reported that the protection of keys will continue to be carried out with the help of Secure Enclave technology, which is considered the most secure way to protect personal data on mobile devices.