Coinbase has been in the crypto business almost from the start. The firm has made a name for itself in the crypto arena providing a safe and regulated space for facilitation of crypto storage and transfers. Coinbase has had quite a share of flaws but this has happened to almost everyone in the upper crypto food chain.
Its services though have not downgraded. On the contrary, they are often second to none. Its exchange platform for example, recently upgraded and is now able to list quite a huge number of altcoins.
But that wasn’t the case before. Up to 2018, Coinbase was limited to only listing major cryptos like Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic and Litecoin. Their own framework provided for that they would only list cryptos that met certain criteria. And this sidelined their expansion and accommodation of other altcoins.
The Need To Expand
As the industry grew, the benefits of expansion overwhelmed the firm and the team saw a dire need for expansion. But for this to happen, there was a need for a thorough review of existing policies to accommodate the expansion.
Coinbase credits its success to an innovation-focused team that has played a huge part in its continuing success. Combine that with an easy to use interface and you have yourself the perfect product driving forward the adoption of cryptocurrency.
The Next Step
It has been speculated that Coinbase is looking forward to partner with a giant company like Google to attract mainstream audiences. Experts have predicted that a partnership like this would boost Coinbase’ trust and legitimacy. It would also market Coinbase as a safe and secure site.
Such a partnership would benefit Coinbase more than it does for Google. Therefore, it would be hard seeing its actualization, unless Coinbase offers Google a really good reason for the partnership. But then again, everyone has a price.
But these are just speculations. There are no signs whatsoever of an impending Coinbase partnership with any major tech firm. But then again, Coinbase’ integration of services that giant companies like Apple and Google provide does raise some eyebrows.
Private Keys Storage
The recent issue with private keys has generated some mixed reactions among experts and crypto enthusiasts in the industry. Coinbase announced that users can now back up their private keys on iCloud and Google Drive. The idea received mixed reactions with some users remaining skeptical and others embracing its encryption feature.
You see, private keys are very complex passcodes and it’s hard to remember, generally speaking. So, the idea of backing up the keys on services like Google Drive is exciting. Users must, however, apply security features like the 2-factor authentication secure passwords. In addition, regular online safety precautions are also highly recommended.
Coinbase has provided the justification of private key loss as the reason for the new venture into Coinbase Drive and Apple iCloud. And that’s a good reason, but some crypto enthusiasts will hear none of it.
Taylor Monahan, CEO MyCrypto says that regardless of encryption strength, it’s the weak links like weak passwords that compromise account security. Monahan condemns Coinbase of encouraging a behavior of generating weak passwords. The desire to provide better services shouldn’t jeopardize crypto asset security.