The crypto market has grown into one of the financial arena’s biggest players. Despite a lowly 2018 and an onslaught of sinking prices, entities like bitcoin are still trading for over $3,500 — not bad for a currency that was, not too long ago, worth a quarter of a cent.
In a blog post, Coinbase announced that its wallet users can back up encrypted versions of their private keys to personal cloud storage accounts on iCloud or Google Drive. This means that even if users lose the 12-word recovery phrase associated with their wallet or lose their devices entirely, they can still access their crypto through the backup. On Twitter, some voiced concern that this system puts users' private keys, and therefore their crypto, on a central server and therefore out of their full control.
The financial services company Abra recently announced the launch of a cryptocurrency integration for its investment platform app that allows users to use bitcoin to participate in sophisticated financial systems from all over the world.