I haven't gotten that far into it, yet. But looking at the online documentation, it seems that is the only way. It is a Chrome extension and linked to a Dropbox. It does seem like there could be a better solution than that.
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The Password Manager is in Beta and it's being continuously developed. More features are coming, including the support of Google Drive as a cloud storage. We want to make sure everything runs perfectly before releasing an update, so it might take a bit :)
Please make TPM support for iphone and android!
#beg