Coinbase, the cryptocurrency behemoth based in San Francisco, has announced that it is shuttering its multi-signature bitcoin storage platform known as Coinbase Vault. After April 19th, 2018, the company will no longer provide the third private key in this clever multi-signature bitcoin storage mechanism.
Citing difficulty supporting new bitcoin forks, and low customer interest, this change comes a full year after their announcement to disable new Vault account registrations.
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How do you know this? I have looked everywhere and there is nothing to indicate the Vault service is being cancelled. Presently you are still able to set it up. If its to be cancelled April 19th, I'm sure they would have a notification and not have the service available, you would think? Am I missing something?
UPDATE to my previous comment. I contacted Coinbase (they got back to me really fast) and they are NOT discontinuing the Vault service. It is still active and will be active for the future. Coinbase Vault doors are very much open! Hope this helps anyone.
Thank you, I've heard this multi signature address concept a few times before, but never did any research on it. Regarding security, I think a phone is actually really secure, as long as you backup your seed somewhere else, and you set a spending password. I'd put 10s of thousands of dollars on a phone without any worries.
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