Crypto Mining Giant Bitmain acquires Bitcoin Cash Wallet

Bitmain, which is the world's most power-efficient bitcoin miner has acquired startup Telescope, an open-source crypto wallet. The new initiative is very much important for Bitmain, as the firm is looking for different ways to expand its services in the bitcoin cash space. The new acquisition comes before Bitmain's plan to release its IPO in Hong Kong.

The wallet is specially designed to work on a browser-based platform. The telescope is mainly a crypto wallet which presently enables users of Google Chrome and Firefox to send and receive Bitcoin via a browser extension. It was launched at the beginning of 2018 and is developed by Aaron Angert, a former IBM software engineer.

Telescope currently provides support for BitPay and MoneyButton. This means that it provides good security that's why popular firms are integrating the wallet. Presently, the browser is currently built for Chrome and Firefox, and it’s the plan is to provide its services for various other platforms in near future.

Telescope Transaction keys are basically saved in the application's browser extension. After this, they are sent to the user's browser instantly and sent to a BCH block explorer. Cross-browser private keys are encrypted through blockchain, promising safe storage of user's funds similar to the other standalone crypto wallets.

Also Read: Semiconductor Industry highly optimistic about Blockchain Technology

As per latest reports, Bitmain is getting some criticism from investors as well as users on its recent decision. This is mainly due to the decreasing in the value of bitcoin from the beginning of this year which has concerned a lot of users. Hence, the latest acquisition of crypto wallet has got mixed reviews.

On discussing about the Bitmain's acquisition of Telescope, Aaron Angert, company’s lead developer said,

“I am extremely proud of what Telescope has been able to achieve so far and am excited for its future with the additional help and support of Bitmain. We are honored to be a part of the bitcoin cash community, as a vibrant collection of individuals contributing towards the development of blockchain technology and the cryptocurrency industry.”

Also Read: Ripple’s much anticipated payment solution XRapid goes live

In reply, Nishant Sharma, Head of International PR and Communications at Bitmain said:

“We are extremely proud of Telescope wallet and the simple but key innovation that the project brings to the bitcoin cash eco-system. Browser-embedded cryptocurrency wallets are a promising technology. The Telescope development team is doing some very interesting work and we look forward to working together with them on the Telescope project and future bitcoin cash projects.”

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