Coinbase Users Can Now Backup Private Keys

[Goodcat49]

The famous cryptocurrency exchange Coinbase, based in the US, has officially announced encrypted storage support for their official Coinbase Wallet seed or private keys on iCloud and Google Drive. The announcement was made on Tue Feb 12.

According to a statement, the cryptocurrency exchange indicated that enabling its customers to upload their private keys to cloud strongly averts the loss of keys, which are very hard to find.

The feature is intended to ensure a customer never loses his/her private keys by making the process more securely reachable from iCloud.

“The private keys generated and stored on your mobile device are the only way to access your funds on the blockchain. Owners of ‘user-controlled wallets’ like Coinbase Wallet sometimes lose their devices or fail to backup their 12-word recovery phrase in a safe place, thus losing their funds forever,” Coinbase said.
The ability to keep a user’s private keys on both iCloud and Google Drive will help prevent losing access to user's account. For a long time, several users didn’t have any knowledge of backing up their private keys. 

In general, private keys have a significant advantage to users in that they prevent other people, hackers or thieves from accessing a user’s cryptoassets. Now, users have a more reliable way of recovering their passwords through the Cloud.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/backup-private-keys/

[sirty143]

No reaction so far. So, it's clearer there are no users here affected by this news, and/or have coinbase account and have stored coins in there. Still, when it comes to safety there's no substitute for banks to store your asset and/or money.