Coinbase to Remove Support for Multisig Vaults Within a Month

with No Comments

Coinbase to Remove Support for Multisig Vaults Within a Month

Coinbase is removing its support for an advanced security feature that it was not advantageous for the company to maintain. Multisig vaults were originally introduced as a way for customers to manage their private keys and control their own security while still using the same Coinbase interface.

Also Read: Survey Says 8% of the American Population Now Own Cryptocurrency

No More Coinbase Multisig Vaults

Coinbase to Remove Support for Multisig Vaults Within a MonthSan Francisco-based cryptocurrency exchange Coinbase has announced it will be winding down its support for existing multisig vaults (meaning accounts that require multiple signature to access) on the platform. The last day of support will be on April 19, 2018.

The company already disabled the creation of any new multisig vaults, citing customer feedback and low popularity and usage. Coinbase also explained that as bitcoin forks become more frequent, the complexity of multisig vaults makes it infeasible for it to support multisig withdrawals for each additional forked asset.

For these reasons it has decided to invest its resources elsewhere. “By removing this functionality, engineering time spent on supporting multisig vaults can be reallocated to continued investment in the security and reliability of our platform, which is of critical importance to our customers.”

Your Money, Your Responsibility

Coinbase to Remove Support for Multisig Vaults Within a MonthThe company explains that because this product is user-controlled, customers can move funds with the two keys they already control. This change will only result in Coinbase customers not being able to access the third key that the company controls.

Users of this feature should ensure they have access to their two keys before the change. Otherwise, it is recommend Coinbase customers withdraw all funds from a multisig vault prior to April 19, 2018. After this date, access to the multisig address associated with such a vault will require the use of third-party open-source software not controlled by Coinbase, and this multisig tool does not support group vaults as well.

Whether you are a Coinbase customer or not, the responsibility for the security of your bitcoin holdings rests with you. More information on protecting your crypto wealth can be found in a recent guide from

Why do you think Coinbase multisig vaults have seen such low adoption? Share your thoughts in the comments section below!

Images courtesy of Shutterstock.

Do you like to research and read about Bitcoin technology? Check out’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

The post Coinbase to Remove Support for Multisig Vaults Within a Month appeared first on Bitcoin News.

from Bitcoin News

1 2 3 4 5 6 2,120

Latest from the Blog

Facebook scandal could push other tech companies to tighten data sharing
with No Comments

SAN FRANCISCO (Reuters) – Big internet companies and small software developers alike are likely to face scrutiny over how they share customer information in the wake of the scandal involving Facebook Inc and the British election consulting firm Cambridge Analytica. … Read More

U.S. retailer Best Buy cuts ties with China’s Huawei: source
with No Comments

LAS VEGAS/HONG KONG (Reuters) – Best Buy Co Inc, the largest U.S. consumer electronics retailer, will cut ties with China’s Huawei Technologies Co Ltd [HWT.UL], a person familiar with the matter said, amid heightened scrutiny on Chinese tech firms in … Read More

UK Government Launches Crypto ‘Task Force’
with No Comments

The U.K. Chancellor of the Exchequer, Philip Hammond, will reveal a “crypto assets task force” Thursday. It will tackle the tech’s risks and benefits. from CoinDesk

Dollar on defensive after Fed, trade worries hit shares
with No Comments

TOKYO (Reuters) – The U.S. dollar slipped on Thursday after the Federal Reserve did not signal a faster pace of rate hikes this year while worries about a coming announcement on tariffs from U.S. President Donald Trump dented Asian shares. … Read More

Best Buy ends relationship with China’s Huawei
with No Comments

(Reuters) – Best Buy Co Inc, the largest U.S. consumer electronics retailer, will stop buying smartphones from Chinese telecom equipment maker Huawei, a source familiar with the matter told Reuters on Wednesday. from Reuters: Business News

U.S. Treasury Plans to Add Cryptocurrency Addresses to the SDN List
with No Comments

This week the U.S. Treasury Department issued guidelines on how the Office of Foreign Assets Control (OFAC) could add cryptocurrency addresses to the country’s sanction list. Also read: New Tools Help Crypto Traders Make Smarter Decisions Cryptocurrency Addresses to be Added … Read More

Tension in information sharing over GM’s Korea unit audit: South Korea government official
with No Comments

SEOUL (Reuters) – South Korea’s vice finance minister said on Thursday there is tension between General Motors’ South Korean unit and the Korea Development Bank because the U.S. automaker isn’t sharing internal information about the company needed for the bank … Read More

Zuckerberg apologizes for Facebook mistakes with user data, vows curbs
with No Comments

SAN FRANCISCO (Reuters) – Facebook Inc Chief Executive Mark Zuckerberg apologized on Wednesday for mistakes his company made in how it handled data belonging to 50 million of its users and promised tougher steps to restrict developers’ access to such … Read More

Inside Polkadot’s Radical Plan for Governing a Blockchain of Blockchains
with No Comments

Blockchain governance is getting a shake-up by a forthcoming blockchain created by one of the co-founders of ethereum. from Technology News – CoinDesk

NEM Foundation Stops Tracking Coins Stolen from Coincheck
with No Comments

The NEM Foundation has announced it will no longer track cryptos stolen from the Japanese exchange Coincheck. The Singapore-based organization said it had provided law-enforcement agencies with information from its investigations. It did not explain its decision to end the … Read More

Dollar on defensive after Fed, trade worries nag shares
with No Comments

TOKYO (Reuters) – The U.S. dollar was on the defensive on Thursday after posting its largest loss in two months when the Federal Reserve turned out to be less hawkish than anticipated. from Reuters: Business News

Government official says GM Korea finds it hard to share information about global strategies
with No Comments

SEOUL (Reuters) – South Korea’s vice finance minister said on Thursday there is tension between GM Korea and the Korea Development Bank because the U.S. automaker isn’t sharing internal information about the company necessary for the bank to carry out … Read More

Major European Fintech Investor And Announce $100 Mln Fund For EOS Projects
with No Comments

FinLab AG and are jointly investing a $100 mln fund to accelerate the development of EOS.IO projects in Europe. #NEWS

Ex-Liverpool Footballer Michael Owen To Issue His Celebrity Token
with No Comments

Michael Owen follows Manny Pacquiao in joining the Singapore GCOX platform to issue ‘Celebrity Token’. #NEWS

CryptoKitties Receives $12 Mln In Funding From Big Name Investors
with No Comments

Ethereum-based CryptoKitties game received $12 mln from investors led by Andreessen Horowitz and Union Square Ventures. #NEWS

China: Stock Exchange Halts Company’s Trading To Investigate Its Relevance To Blockchain
with No Comments

A Chinese State stock exchange halted trading of a company suspected of manipulating its stock price through a Blockchain project announcement. #NEWS

Chinese Stock Exchanges Crack Down on Companies Falsely Claiming “Blockchain”
with No Comments

It appears that China’s stock exchanges are seeking to prevent companies from issuing misleading information in order to drive hype around blockchain technology – potentially influencing their share price. Also Read: China’s First Central Bank Governor in 15 Years Likes Bitcoin … Read More

IBM Announces ‘Cheaper’ Blockchain Starter Plan For Smaller Scale Businesses
with No Comments

IBM launches a new beta Blockchain Starter Plan to offer a “cheaper alternative to Big Blue’s current enterprise plan.” #NEWS