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Coinbase Wallet to Feature Private Key Backup on Google Drive, iCloud

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Coinbase Wallet customers will quickly have the ability to again up their personal keys on private cloud garage platforms Google Drive and Apple’s iCloud.

The San Francisco-based cryptocurrency alternate announced the scoop in a weblog put up Tuesday, pronouncing that, in case customers misplace their personal keys or lose units, they are able to use the brand new characteristic to again up their 12-word restoration word to keep away from shedding get entry to to price range held within the app.

With cloud garage backup, customers must simplest take note a password to get better their price range, Coinbase mentioned, as the non-public keys would already be safely saved. For added safety, the company nonetheless recommends storing the passphrase manually after activating the cloud backup provider.

The backup characteristic is encrypted with AES-256-GCM encryption and out there simplest via the Coinbase Wallet cellular app, Coinbase mentioned. It can simplest be decrypted the usage of the password.

The alternate additional mentioned that neither it nor cloud provider suppliers would have the ability to get entry to to customers’ passwords or price range at any time, as passwords can be within the sole ownership of customers.

Users short of to make use of the characteristic must decide in when the Wallet app will get up to date within the “next few days.” Cloud backup will also be enabled at any time from the Settings menu, via deciding on “Recovery Phrase” and following the activates, in keeping with the put up.

Coinbase mentioned it’s additionally making plans so as to add reinforce for different cloud platforms sooner or later, but even so iCloud and Google Drive.

The information is getting a specific amount of pushback on social media, as other people elevate the dangers of storing necessary keys at the cloud.

One Twitter person said:

“This is IMO good but remember 1) Cloud storage is compromised all the time, so the password matters 2) if you need to remember your password, where are you storing it? How secure is that location? How redundant?”

Others presented a extra cynical take. Again on Twitter, a comic story ballot asking if other people would save their personal keys within the cloud the usage of the characteristic had 100 percent pronouncing “no.” The ballot was once closed with two votes.

Last week, Coinbase announced bitcoin reinforce for the Wallet app on iOS and Android.

Google Drive symbol by way of Shutterstock; Wallet screenshot courtesy of Coinbase 

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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