On Feb. 12, San Francisco-based cryptocurrency exchange Coinbase announced that users of its Coinbase Wallet can now back up their private keys on cloud storage, namely on Google (NASDAQ:GOOGL) Drive and iCloud.
The move has received mixed reaction from crypto community and cybersecurity experts, some of whom seem skeptical about the idea of storing private keys on centralized servers. Others are confident about the new feature, stressing that it entails encryption.