As of yesterday, users using a Coinbase Wallet can now back up an encrypted version of their private keys to their personal cloud storage account. These accounts include either iCloud or Google Drive. Coinbase released this announcement via its personal blog yesterday.
Coinbase Wallet Upgrades
🔐☁️ 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
This new feature is making many within the cryptocurrency community scratch their heads. Coinbase states that the Coinbase Wallet cloud back-up feature is completely optional. The company also explained that the backup is encrypted using a user-provided password with AES-256-CCM encryption. Coinbase claims that this backup is accessible on the Coinbase Wallet.
Coinbase explains their reasoning behind this latest feature: