Cloud Tier is Veeams take on hierarchical storage management, merely put Veeam will automatically move data from high-cost (Performance Tier) to low-cost object storage (Capacity Tier) . The data being moved is, of course, your backup files.

Cloud Tier has been designed to offload restore points that reside outside of the normal operational restore windows across to object storage.

Yes, you can change your long-term retention strategy by moving out out of CC-B and into object storage, but you're not going to replace CCB with this.

This new functionality is all about adding additional capacity to your scale-out backup repositories through to tiering of data into cheaper storage.

Remember that Veeam moves your agedbackup data into object store so you're not going to satisfy 3-2-1 with this solution alone, the 3 copies of you data is where you'll fall short.

Veeam will only tier backup files that are sealed, meaning Veeam doesn't need to touch them again. This could blow out your RPO a lot if you're going to solely rely on cloud tier for your only offsite copy.

When your backup files are sealed depends on your backup job type or in the case of backup copy how often you're running a GFS full.

Also, you'll lose insider protection as well if you for have CC-B.