Bitmain, a cryptocurrency mining giant has acquired the company behind Bitcoin Cash’s wallet, Telescope. The acquisition was announced on October 1st, as Bitmain furthers its cryptocurrency project.
The New Acquisition
Telescope, an open-source Bitcoin Cash wallet was launched this year in an effort to aid instant transaction of Bitcoin Cash cryptocurrency. Notably, the cryptocurrency wallet is a browser-based wallet. Presently, the Telescope wallet functions on Google Chrome or Mozilla Firefox, and plans are underway to get the wallet integrated into more browsers after Bitmain’s acquisition.
Bitpay and moneybutton.com already partnered with the cryptocurrency wallet. The wallet stores cryptographic keys with a browser extension. This means that users browser signs the transaction directly. According to the project, storing fund this way offers the users security that is similar to standalone wallets.
Further, the head of international press relations and communications at Bitmain, Nishant Sharma, noted that the Telescope wallet introduced a critical but straightforward innovation to the Bitcoin Cash’s ecosystem. Nishant further stated that the browser embedded cryptocurrency wallet is a promising technology. He also noted that the Telescope development team is doing some exciting work and the firm looks forward to working together with them on the Telescope project and the future of the Bitcoin Cash project.
Meanwhile, further details of the acquisition and agreement were not made known, the cost of acquisition was not made known as well.
Bitmain And Bitcoin Cash Relationship
Bitmain, the giant cryptocurrency mining firm, is noted to hold a 6 percent value of the total worth of Bitcoin Cash in existence. The cryptocurrency holding has led to various criticism of the firm. However, its cryptocurrency holding has seen devaluation due to the bearish trend that has taken place over the past ten months.
The firm holds Bitcoin Cash in the value of $900 million at the beginning of the year, and it has seen depreciation as the value of cryptocurrency market declines.
Bitmain Technologies Ltd., or Bitmain, is a privately owned company headquartered in Beijing, China, with offices in Shenzhen, Shanghai, Chengdu, Hong Kong, Fuzhou, US, Israel, Netherlands, and Switzerland. It is the world’s largest designer of ASIC chips for Bitcoin mining. Founded by Jihan Wu and Micree Zhan in 2013.
Acquiring the Telescope wallet further aids the expansion of the interest of the mining giant in the blockchain and cryptocurrency space.