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Amazon Accelerates Its Smart-Home Ambitions Acquiring Eero, AMZN Stock Lift on the Way?

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Amazon Accelerates Its Smart-Home Ambitions Acquiring Eero, AMZN Stock Lift on the Way?
It’s Amazon‘s latest push into the smart home, following the acquisition of video doorbell maker Ring last year for $1 billion. Amazon’s primary home device is its own Echo smart speaker, powered by Alexa.
In the router market, Google has a competing product called Google Wi-Fi. Apple discontinued AirPort home routers last year, and Cisco sold Linksys to Belkin in 2013. Netgear stock was down as much as 5 percent after hours following the announcement.
Eero, based in San Francisco, was founded in 2014 by Nick Weaver, Amos Schallich and Nate Hardison with the goal of making Wi-Fi simple to use, easy to install and effective across many rooms in a house. In 2015, the start-up sold $2.5 million worth of products in its first two weeks after the company began accepting preorders.
Dave Limp, senior vice president of Amazon devices and services, said:
“We have a shared vision that the smart home experience can get even easier, and we’re committed to continue innovating on behalf of customers.”
Already in November, Mr. Limp said the company had more than doubled the number of workers dedicated to Alexa and Echo devices since fall 2017.
Nick Weaver, Eero’s chief executive and one of its founders, said in a statement:
“From the beginning, Eero’s mission has been to make the technology in homes just work. We started with Wi-Fi because it’s the foundation of the modern home.”
Weaver, who worked at Menlo Ventures before Eero was founded in 2014, said working with Amazon could help Eero bring more systems to customers around the world.
Amazon said Eero’s products and services have garnered favorable ratings with customers on the Amazon website.
Reliable Wi-Fi is important to Amazon’s in-home strategy. For example, your ‘Fire TV’ won’t work well with 4K HDR content if you don’t have a good connection. Its range of Ring products rely on constant and good internet to operate properly. And if Amazon ever introduces something like a home robot, that needs to have a connection no matter where it roams.
In the end, owning your home Wi-Fi might help Amazon make sure that all of its other products and services are operating as efficiently as possible.
Google is In, Apple is Out
Alphabet subsidiary Google has been making significant inroads in the smart speaker market, which ties directly into the smart-home space. Google jumped into mesh networking years ago, releasing Google Wi-Fi in 2016. That product followed OnHub, the first router that Google made.
Google represents the largest and most direct competitor to Amazon’s dominance of the smart home, so it’s little wonder why Amazon feels compelled to get into consumer networking equipment, even as Apple just recently discontinued its line of Airport routers. Apple instead now sells the Linksys Velop mesh system; primary contract manufacturing partner Foxconn owns Linksys.
The Eero acquisition is a no-brainer, one that should reinforce Amazon’s lead in smart-home technology.
While neither Amazon nor Eero has given an indication that there will be any changes to this service in light of Amazon’s new ownership, it’s worth noting that the online retailer began offering Whole Foods discounts for Prime members after it acquired the supermarket in 2017 for $13.7 billion. (A new report from The Wall Street Journal, however, indicates that may no longer be the case.)
The Eero deal is the latest in a string of acquisitions that puts Amazon in nearly every corner of the home, from the kitchen to the front door. Last February news broke that Amazon would acquire the video-doorbell maker Ring for $1 billion in a move that was largely perceived as a means of furthering its dominance in the smart-home and retail spaces. Before that, Amazon’s acquisition of Whole Foods gave it a pipeline into consumers’ kitchens.
Amazon’s acquisition of Eero also provides the online-shopping giant with a crucial piece of the smart-home market that could prove necessary for maintaining its status as a leader in smart-home technology. Both Google and Samsung, arguably Amazon’s biggest rivals in the space, have long offered their own mesh Wi-Fi routers that work with their own respective smartphone apps. Through these apps, users can view connected devices, block certain websites, and manage other features.
And not to foget, Amazon reported earnings per share of $6.04, versus analyst estimates of $5.65, and revenue of $72.4 billion versus estimates of $71.9 billion. But it issued Q1 guidance of revenue between $56 billion and $60 billion, short of consensus estimates of $60.83 billion, and operating income of $2.3 billion to $3.3 billion, roughly in line with a $3.09 billion consensus.
Amazon Accelerates Its Smart-Home Ambitions Acquiring Eero, AMZN Stock Lift on the Way?

Stellar Price Analysis: XLM/USD Trends of February 14–20, 2019

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Stellar Price Analysis: XLM/USD Trends of February 14–20, 2019
Key Highlights:

The breakdown of $0.07 level will expose $0.06 Stellar price level;
the breakup of $0.09 mark will make XLM price rise to $0.12;
consolidation in progress in the XLM market;

XLM/USD Price Long-term Trend: Bearish
Supply levels: $0.09, $0.12, $0.14
Demand levels: $0.07, $0.06, $0.05On the long-term outlook, XLM/USD is still in bearish trend. Though the coin remains on bearish trend, the Bears’ momentum was very weak to the extent that it could not breakdown the demand level of $0.07 where it was last week. On February 8, the bulls tried to push Stellar price up but the momentum was not enough to break up the dynamic resistance of 21-day EMA, the XLM returned to upper week low level of $0.07.
Stellar price still maintains its position trading below the 21-day EMA and 50-day EMA, with the two EMAs, fanned apart which implies a bearish trend in the XLM market. Since three days ago, the XLM price has been consolidating at the demand level of $0.07 with the formation of daily doji candles. The Relative Strength Index period 14, is placed flat horizontally without showing any direction connotes that consolidation is ongoing.
The bears have to gain enough pressure in order to break down the demand level of $0.07 that will expose Stellar price to the low level of $0.06. Increase in the bulls’ pressure will break up the $0.09 supply level and the coin may target $0.12 price level.
XLM/USD Price Medium-term Trend: Ranging
XLM/USD is ranging on the 4-Hour chart. XLM price was on its bearish trend last week; the bears dominate the XLM market for more than four weeks now. The bulls interrupted the bearish trend at $0.07 demand level on the 4-Hour chart.
The bullish momentum was triggered as the bullish engulfing candle formed on February 8 which propelled the coin towards the supply level of $0.09 but unable to reach the target because of bears’ pressure interruption and the XLM price resulted to sideways movement.
Stellar price is trading on and around the 21-day EMA and 50-day EMA which indicates that consolidation is ongoing and may continue for a short period of time.
Stellar Price Analysis: XLM/USD Trends of February 14–20, 2019

NASDAQ to Offer Bitcoin Core, Ethereum Indices this Month

TWO new indices connected to the crypto market will soon be included in NASDAQ Stock Exchange’s platform.
In a statement issued on February 11 by the second-largest stock exchange in the world, NASDAQ announced Bitcoin Core and Ethereum’s entry starting February 25, 2019.
The new indices – the Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) – will provide a real-time spot and reference rate priced at 1BTH and 1ETH.
In addition to the tick-messages, recipients would also be getting real time index updates from Nasdaq Global Index Data ServiceSM (GIDS).  Index level information will be disseminated by Nasdaq’s data partner Brave New Coin.

Introducing digital assets to the stock market
NASDAQ further stated:
“BLX and ELX work by capturing data from multiple exchanges to provide a single price point for BTC and ETH, which helps traders get in and out of a given position.”
The latest move by NASDAQ is believed to be one way of introducing digital assets to traditional stock market investors.
Since last year, the exchange began publishing reports about Bitcoin and partnered with Vaneck, an investment management firm based in New York, to initiate Bitcoin futures as trading goes through a falling market.
The new cryptocurrency indices will soon be part of the several NASDAQ indices such as the NASDAQ Composite and the NASDAQ 100.

(Jet Encila is a journalist, editor and freelance writer from the Philippines).
The post NASDAQ to Offer Bitcoin Core, Ethereum Indices this Month appeared first on Live Bitcoin News.

Bitcoin (BTC) is Going to be Digital Gold! Mike Novogratz Says

MICHAEL Novogratz, billionaire and CEO of Galaxy Digital Ventures LLC, has a quite interesting take on bitcoin’s future: “Bitcoin is going to be digital gold.”
In a Bloomberg interview earlier today, the former Goldman Sachs partner expressed his confidence in Bitcoin recovering from its fall from its 2017 all-time high market price. He recounts how painful it was for investors who saw the cryptocurrency bubble burst last year.  After all, his company suffered a tremendous $136 million dollar loss in cryptocurrency trading when crypto prices plummeted.
Novogratz said:
“We had a fantastic bubble in cryptocurrencies.”

“Last year you realized just how painful popped bubbles can be. The market was down 90-odd percent depending on what crypto you’re looking at. I always laugh about the math of that. Like, you know, the market was down 90%, down 60%, and then another 65,” he stated in retrospect.
However, he sees a bright future ahead for Bitcoin as he observes the architecture required by institutional investors are being slowly put into place with the “retail frenzy” having “washed out”.
Venture funds, hybrid funds, and other institutional investors are coming in. He cited Bakkt specifically, a company that raised $182 million dollars of funding last year to help it get started in the crypto futures contract business. International Exchange (ICE), the owner of Bakkt and the New York Stock Exchange, said that they will be spending between $20- to $25 million dollars on Bakkt this year.
Cryptocurrency enthusiasts however should not get their hopes up too soon. Just like any other financial bubble that’s burst, prices do not skyrocket to the moon. “We’re not going to bubble backup up, we’re going to grind back up,” says Novogratz.

(Jet Encila is a journalist, editor and freelance writer from the Philippines).
The post Bitcoin (BTC) is Going to be Digital Gold! Mike Novogratz Says appeared first on Live Bitcoin News.

Corporate Banking Group Aimed at Blockchain and Crypto Players Announces Future Multi-Jurisdictional Launch and Upcoming Token Sale

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Corporate Banking Group Aimed at Blockchain and Crypto Players Announces Future Multi-Jurisdictional Launch and Upcoming Token Sale
Aimed at players in such sectors as blockchain, crypto, FinTech and gaming whose banking needs are frequently underserved by established financial institutions, Initium Group will seek banking licenses to operate in Switzerland, Liechtenstein, the United Kingdom, Israel and Singapore to kick-off operations in the first quarter of 2020.
The bank will use a combination of private equity, institutional funding and a Security Token Offering (STO) to set up its infrastructure and meet local capital requirements.
Initium Group CEO & Founder Daniel Spier said:
“A large number of new digital economy business have a difficult time finding a banking partner that understands their true needs and is even willing to serve them.”
“The conventional risk modelling frameworks that traditional financial institutions use – coupled with their rather reactive nature – are just not responding to the growth aspirations of these new players. Initium Group sees this gap as an outstanding opportunity to help these fledgling companies get their ideas off the ground and actively participate in strengthening the foundations of the new digital economy.”
Primary Objectives
Initium Group‘s main objective in the next few months is to raise the necessary funds to secure banking licenses in the five target jurisdictions and begin its operations as scheduled. To facilitate the launch of the bank and its planned token offering, the company is closely collaborating with Swisscom Blockchain AG, one of Switzerland’s leading Blockchain technology and crypto infrastructure providers covering integration solutions and services for the  digital asset class.
Initium Group brings together the right mix of banking skills, industry expertise and new technology to particularly support the blockchain and crypto sector, mitigate the risk, and select clients on the strength of their business case, policies and procedures. Its service offering will include deposit taking, card issuing & acquiring, local payment clearing, as well as liquidity services.
Spier adds:
“We want to be a bank for the disenfranchised players of the new digital economy.”
“Whether you are a successful Asian blockchain start-up trying to expand into Europe with no banking partner or a large law firm unable to process multiple license applications because no bank is willing to hold the funds for your clients, Initium Group will step in to help you navigate the waters and set foot on land.”
About Initium Group
Initium Group is a future multi-jurisdictional corporate banking group committed to supporting the growth of its clients. They intend to become the bank of choice for the promising and solid businesses building the new digital economy and are open to investors to participate in our future.
Corporate Banking Group Aimed at Blockchain and Crypto Players Announces Future Multi-Jurisdictional Launch and Upcoming Token Sale

Electronic Arts (EA) Stock Climbs Higher as ‘Apex Legends’ Hits 25M Players in 7 Days

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Electronic Arts (EA) Stock Climbs Higher as ‘Apex Legends’ Hits 25M Players in 7 Days
This February brings plenty of important news for investors and shareholders who are waiting for major industry players to make their earnings call. Almost daily the financial market burst into a huge success or otherwise, it plunges underneath a big failure that separates unlucky shareholders from their heart-earned money recklessly invested into a downgraded company.
When it comes to Electronic Arts the situation more resembles a roller-coaster as in two weeks this gaming behemoth managed to lose almost 3o per cent of EA stocks value following a tepid earnings report and then it has earned back investors’ sympathy releasing a smash-hit battle royale game.
Earnings Say Electronic Arts Fell Short in Q3
Last week Electronic Arts has reported its Q3 fiscal 2019 results and though the company keeps afloat earnings estimates, revenues fell short of the Wall Street expectation. Lacklustre sales of the company’s gaming hits, Battlefield V and FIFA 19, have adversely affected EA’s market performance. As a result, the company lowered its full fiscal guidance and the stock price dropped nearly 13 per cent.
Lots of financial advisors, as well as investors, have waved away from Electronic Arts assuming that the company’s downgraded performance is the beginning of a long-term recession. However, Electronic Arts once again proved that it is better to judge the company based on its long-lasting growth rather than on its short-term woes. Until the last moment, Electronic Arts kept its new battle royale game product in secret and when Apex Legends was finally released it smashed the market.
As soon as the game went on air, EA spiked by 16 per cent. Apex Legends has already attracted over 25 million users in just seven days from its launch. The success of this new free-to-play battle royale game outreached the release of currently most playable niche game Fortnite from Epic Games. At the moment Fortnite has a 200 million audience but considering a fast pace taken by Apex Legends, it might face a viable competitor soon.
Thanks to Apex Legends, EA closed Tuesday trading with 8 per cent increase making EA stock price exceeds $104 per share and analysts say this positive momentum is likely to last for some time.
Revolutionizing Twitch Marketing
While the longevity of Apex Legends resilient impact on EA stock remains a question mark, there is no doubt that this game head off the entire gaming industry. The overwhelming success of Apex Legends is of special interest as Electronic Arts did not broadcast any TV advertising for the title, they also did not announce gaming press previews or online trailers. For Apex Legends the marketing team of Electronic Arts decided to step away from traditional advertising campaigns and take up something new.
EA drew attention to Apex Legends by paying gamers to stream it on their Twitch channels. The top Twitch streamers have millions of followers watching them play top games. Therefore using streamers was a good shot to drive awareness for Apex Legends.
The vast swaths of Twitch’s top streamers said they were being sponsored by Respawn, EA’s development studio, to stream the game on Twitch. The sponsorships were likely the main factor in driving Apex Legends boost to the top of gaming charts consequently making such a valuable exposure for EA’s stock ratings.
Electronic Arts (EA) Stock Climbs Higher as ‘Apex Legends’ Hits 25M Players in 7 Days

Financial Giant MUFG Set to Launch New Payment System Based on Blockchain

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Financial Giant MUFG Set to Launch New Payment System Based on Blockchain
While some years ago the idea of integrating blockchain solutions into the traditional banking system may have sounded absolutely impossible, now it is a reality. Though the interest in the emerging technology initially was noticed only from the side of neo banks and small financial institutions, now this tendency has captured banking giants as well.
This time we’ve received good news from Japan. It has become known that the country’s major financial group which is the fifth largest bank by assets in the world is going to launch a blockchain-based payments network next year.
Global Open Network
According to the information provided, above-mentioned Japan’s bank, Mitsubishi UFJ Financial Group, has entered in a partnership with U.S.-based fintech firm Akamai Technologies to create a joint venture called Global Open Network, Inc.
In the framework of this cooperation, the partners will launch a new blockchain-based payment network Go-Net. It is said that the network will be introduced in the first half of 2020.
The first plans to build Go-Net were announced in May 2018. It is said that both MUFG and Akamai will invest funds into this project. According to the information revealed, the capital of the new joint venture equals to $2.26 million, 80% of which is held by MUFG while the remaining 20% is the stake of Akamai.
What GO-Net Offers
It is expected that thanks to its focus on IoT, GO-Net will be much more than a traditional mobile payments network. The new platform will offer such features as IoT-enabled payment, micropayments, pay-per-use, and existing payment processing. It will help to reduce transaction costs for all kinds of payment services and will ensure growth in a number of transactions.
Nevertheless, it is still unclear whether the network will use MUFG Coin that the bank has been working on for several years already.
Speaking about the goals of their initiative, Hironori Kamezawa, Group CDTO of MUFG and CEO of GO-NET, stated:
“MUFG has high expectations for our joint venture with Akamai. Our goal is to enable rapid innovation in digital payment services, leveraging a transformative platform, with built-in security, hyper-scale and efficiencies. GO-NET aims to expand the payment network business to a global scale, and enhance the services to support diverse payment ideas in the upcoming IoT era.”
Both partners will make a significant contribution to the development of the joint venture. While Akamai will bring its Blockchain as a Service platform to power the new payment network, experts of MUFG will provide their deep knowledge and understanding of the specificity of the financial industry as well as their expertise in fussiness development.
Dr. Tom Leighton, CEO and co-founder of Akamai, also expressed his excitement about the project:
“This joint venture with MUFG sets the stage for a new blockchain-based online payment system that can better serve customers’ and partners’ payment processing needs.”
MUFG’s Blockchain Initiatives
The payment network is not the first initiative of the bank related to the emerging technologies. As it has been already mentioned, some years ago MUFG started working on its own cryptocurrency known as the MUFG Coin. The bank introduced its coin in October 2018.
And in November, Mitsubishi UFJ Financial Group took part in a pilot that presupposed putting a syndicated loan for $150 million on the blockchain network. The pilot was conducted in collaboration with Spanish banking giant BBVA and BNP Paribas from France.
Financial Giant MUFG Set to Launch New Payment System Based on Blockchain

BNB: How did this Cryptocurrency Rise During the Bear Market

News about price spikes in cryptocurrencies are becoming a rare occurrence. Binance Coin (BNB) managed to increase its price from $5.54 to $9.7 for a little less than a month. The price increase against the US dollar was 75%. While Binance Coin made this impressive leap, the total crypto market cap lost $3 billion.
Binance Coin has now become a top 10 cryptocurrency for the first time in its history. Experts believe there are quite a few factors, which have contributed to the currency’s rise contrary to the market. Binance’s performance in the bear market, the decreasing circulating supply and the prospect of a decentralized exchange have all played their part.
Back on January 16th, the Binance team resorted to the increasingly popular strategy of token destruction. The team destroyed tokens worth $9.4 million and thus eliminated a portion of the circulating supply of the asset.
Changpeng Zhao jokingly stated:
“The burn is complete. I still remember back I did the first burn of $1 500 000 equivalent in BNB, I was nervous as hell. Now, I’m actually still nervous, lol. This is legitimately the fastest way to spend money.”
The token destruction had almost instantaneous results. After the burn on January 16th, 1 623 818 Binance Coin tokens were destroyed. This resulted in a substantial increase of the asset’s price. This has become a quarterly occurrence as Binance is now burning the circulating supply of BNB with the profits generated by the exchange.
BNB started off small
During the company’s early stages, BNB was simply used as a means of financing. As time passed and Binance quickly established its place as a top respected exchange, the company began using 20% of the profits to buy back the BNB tokens and burn them.
The whitepaper of Binance states that:
“Every quarter, we will use 20% of the profits to buy back BNB and destroy them. This will keep happening until we buy 50% of all the BNB (100MM) back. Every single buy-back transaction will be announced on the blockchain. The end goal will see us destroy 100MM BNB, leaving only 100MM BNB remaining.”
With the demand for BNB growing and the supply declining, in less than a month the price increased by more than 75%. At the moment, BNB is down 61% from its all-time high, but it’s still the best performing cryptocurrency in the prolonged bear market.
The last week saw a strong rally which was mainly driven by technical factors. The market saw a huge $10 billion gain overnight which saw assets like EOS and Litecoin to surge up to 20%. Traders are not optimistic however. Most of them believe the market will retrace its large gains and the crypto assets will not be able to sustain their current momentum.
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The post BNB: How did this Cryptocurrency Rise During the Bear Market appeared first on CoinStaker | Bitcoin News.

Western Union Trials Ripple Tech for Settlements Services Getting Ready for Crypto Surge

CoinSpeaker
Western Union Trials Ripple Tech for Settlements Services Getting Ready for Crypto Surge
The Asia Pacific manager, Molly Shea in her recent announcement said that customers demand a higher level of efficiency in the digital age which means that payment providers have to do everything within their power to stay ahead of the game.
She said:
“Our customers really expect seamless, connected service. Not just fast. They’re expecting everything to be as fast as what they’re getting with all the other digital apps they have. So we’ve got to be able to stay ahead of that and foresee what their expectations are going to be and drive the remittance market to that, as their needs have and as wallets have been evolving.”
Testing Ripple’s Payment Solutions
In addition, Shea confirmed that Western Union continues to test Ripple’s suite of payment solutions. The company has been exploring xRapid – which utilizes the digital asset XRP – for months.
“We’re open to exploring new business opportunities. Particularly those that give us the opportunity to offer more choices to our customers. So the blockchain and cryptocurrency space is rapidly evolving. And we continue to explore possible applications for our business.
As some examples, we’re piloting some settlement tests with Ripple for certain corridors. I think the US dollar and Mexican peso is one example. And really learning about possible opportunities.”
Shea added that the options that they choose will need to be legitimate and widely acceptable for consumer use. Also, she noted, another thing that they are doing as part of their exploration is that they have made an investment in Digital Currency Group. It’s a fund that provides industry leading insights into the blockchain and cryptocurrency space.
She added:
“So I think that’s really exciting. So it’s really about staying knowledgeable about advances in all these technologies and how that might be applicable to what we want to do.”
Western Union Ready to Adopt Any Kind of Currency
Western Union Global Money Transfer President, Odilon Almeida also had claimed that the company is “ready to adopt any kind of currency”, potentially cryptocurrency.
He had stated that there is not much difference between cryptocurrency and regular digital payments. According to Almeida, the firm’s long-term stance makes it conceivably prepared to launch any type of currency, which includes blockchain-based currencies too. He had said:
“We already operate with 130 currencies. If one day we feel like it is the right strategy to introduce cryptocurrencies to our platform, technology-wise, it’s just one more currency. I think cryptocurrencies may become one more option of currency or assets around the globe to be exchanged between people and businesses. If that happens, we would be ready to launch.”
While Western Union and Ripple’s xRapid are working towards speedy cross-border payments, this pilot settlement tests could go a long way in achieving it.
Just for a reminder, Ripple was in the spotlight just recently after they reportedly fired Cory Johnson and eliminated his position. Tom Channick, Ripple’s spokesman said that Ripple has eliminated Johnson’s position altogether and considers his time with the company a massive success.
Established in 1851, 168 years ago, Western Union provides remittance services, allowing customers to send funds across borders and in multiple currencies. The company sent more than $300bn in 2018; its network has more than 550,000 retail locations; more than all the Starbucks and McDonald’s outlets in the world.
Although the XRP cryptocurrency – part of the xRapid solution – is perhaps the most famous product offered by Ripple Labs, it isn’t the only one. The company also offers an xCurrent solution, which uses blockchain technology, but not necessarily XRP, for banks and other financial institutions to communicate with one another before, during and after a cross-border transaction.
We at Coinspeaker believe that Ripple and XRP are driving innovation globally, while Tone Vays, the host of Crypto Scam & Unconfiscatable, has an opposite view. He said Ripple does not offer new solutions or is not better. Indeed, Vays says that there is nothing that Ripple does that other companies such as SWIFT, PayPal or Venmo cannot do.
Western Union Trials Ripple Tech for Settlements Services Getting Ready for Crypto Surge

Coinbase Wallet Now Offers Its Users Google Drive or iCloud for Enhanced Key Storage Security

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Coinbase Wallet Now Offers Its Users Google Drive or iCloud for Enhanced Key Storage Security
The major cryptocurrency exchange, Coinbase, has developed a new feature for its stand-alone digital asset wallet. According to an official announcement on February 12, users of this platform can now back up their private keys on Google Drive or iCloud. As per that statement, the new feature enables users to safeguard funds even after misplacing their private keys or devices.
The idea offers users of the Coinbase Wallet a safety net ensuring that their tokens are always safe. However, critics highlight that using cloud storage services may expose the funds to other threats like hackers. The announcement explained that:
“The private keys generated and stored on your mobile device are the only way to access your assets on the blockchain. Owners of ‘user-controlled wallets’ like Coinbase Wallet on occasion lose their devices or fail to back up their 12-word recovery phrase in a safe place, thus losing their funds forever.”
The development now lets the Coinbase Wallet store an encrypted copy of the recovery phrase on their cloud accounts. The crypto exchange also stated that neither they nor the cloud services company can access user funds. The recovery phrase key is unlocked using a password known only by the user. The backup is allegedly encrypted with AES-256-GCM encryption accessible using the Wallet mobile app only.
Developments
The latest version of the wallet supports cloud backup. Also, Android users can keep their private keys in Google Drive while iOS users can back up their data in iCloud. The Coinbase blog post added that:
“We intend to add support for other cloud services in the future”
Users must opt-in to the feature to activate it since cloud backup is optional. Users can manually review and back up their recovery phrase as before. It is advisable to also back up the passphrase manually after activating the cloud backup service. To enhance security, Coinbase suggests enabling two-factor authentication on all cloud accounts.
The Crypto exchange has added various features to place it among the top movers in the industry. As we said, Coinbase added support for Bitcoin pushing it closer to closer to creating the world’s leading user-custodied crypto-wallet.
In January, the exchange added resources for users in the US to claim crypto trades on their taxes. Coinbase and wallet service incorporated an educational guide on crypto and taxes and it integrated with popular tax software TurboTax. On the other hand, the customers from EU and EFTA benefited too. As we published last week, these users were provided with an opportunity to withdrawal fiat currency to PayPal.
How It Works
Users are required to update their Coinbase Wallet app to get the latest version that enables them to activate cloud backup. When the latest version of the app launches, a pop-up appears explaining Google Drive or iCloud backup. Customers can tap the “Back up now” to back up their private keys immediately.
It is possible to adjust private key management and backup settings from the Wallet settings menu whenever necessary. The Coinbase Wallet will regularly send a pop-up telling the user to back up their private keys to the cloud.
Coinbase Wallet Now Offers Its Users Google Drive or iCloud for Enhanced Key Storage Security