Coinbase is excited to announce that you can now backup an encrypted version of your seed phrase directly to Google Drive. This new feature creates a secure and persistent backup that is only accessible using Coinbase Commerce. It simplifies the process of sending funds from your Commerce wallet to another wallet or exchange. Now, instead of entering a seed phrase, you can simply link your Google account to Coinbase Commerce to authorize a send.
Coinbase Commerce is the first decentralized non-custodial crypto payment processor — your private keys never touch our servers. This means that no one but you ever has access to your funds. To accomplish this, a seed phrase represented by a set of 12 words is generated in your browser when you first sign up. This seed phrase can then be imported into another cryptocurrency wallet or used within Coinbase Commerce to gain access to any funds received from customers.
We’ve heard that some merchants neglect to back up their seed phrase leading to a loss of funds. With our new Cloud Backup feature, you now have the option to backup an encrypted copy of your seed phrase to Google Drive.
It’s worth mentioning that the backup seed phrase is encrypted client-side to ensure it never touches Coinbase servers. What’s more, because Coinbase only stores the encryption key, even if your Google account were compromised, your funds would remain secure.
How to activate the cloud backup service
If you’re new to Coinbase Commerce, you can opt in to cloud backup when you sign up. If you’re an existing user, you can opt in under the Manage seed phrase backup section in Settings.