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Updated Title: The service provides two factor authentication via method of cryptographic keys
Updated Analysis: Although not a traditional Google Authenticator or YubiKey. The idea of 2 Factor Authentication via Something you know (your password) and something you have (your device or paper key) is still used. In fact the argument is made that the traditional 2 Factor Authentication methods wouldn't actually help in this case, just because of the way Keybase works with the Bitcoin blockchain.
Updated Status: pending