Bitmain Acquires Bitcoin Cash (BCH) Wallet Startup
The giant of crypto mining, Bitmain, has recently announced the acquisition of an open source Bitcoin Cash (BCH) wallet called Telescope. This browser-based wallet was launched earlier in 2018 to provide instant Bitcoin Cash transactions.
At the moment, you can use Telescope on both Google Chrome and Mozilla Firefox. However, some other platforms are sure to be added in the near future, the press release of the company states.
The company is supported by BitPay and Moneybutton.com and stored cryptographic keys in a browser extension, so the transactions are directly signed by the browser of the user. According to reports, this offers the same level of security as a normal hot wallet.
Bitmain’s head of international press relations and communications, Nishant Sharm, has affirmed to the press that the technology of the product might be simple but it is a key innovation in the field and it will be very important for the Bitcoin Cash ecosystem.
He has also affirmed that browser-embedded crypto wallets are a technology that will be more used in the future and that Bitmain looks forward to working with the team.
According to reports, Bitmain holds about 6% of all the Bitcoin Cash in the world. The company has recently faced controversy because its property was highly devalued recently and it is currently planning a Hong Kong IPO to go public. At the beginning of 2018, Bitmain held $900 million USD in cryptos, but now the value of the company’s holdings has decreased about 20%.