Mining Giant Bitmain Acquires Bitcoin Cash Wallet Startup

Mining Giant Bitmain Acquires Bitcoin Cash Wallet Startup

Crypto Mining Behemoth Bitmain announced on Monday that it has secured the startup behind the open-source bitcoin cash wallet called Telescope.

In an effort to enable instant bitcoin cash transactions, the browser-based wallet was launched in the beginning of this year. Currently, according to a press release, the telescope can work on Google Chrome or Mozilla Firefox, although the team is planning to expand to other platforms after the acquisition.

Supported by BitPay and moneybutton.com, the Wallet stores a cryptographic key within the browser extension, meaning that the transaction is directly signed by the user’s browser. The project says that by collecting money in such a way, users provide similar protection for standalone wallet.

Nishant Sharma, Head of International Press Relations and Communication in Bitmain, said in the release that the telescope introduces the “simple but important innovation” to the bitcoin Cash ecosystem.

As previously mentioned, Bitmain holds about 6 percent of total bitcoin cash in existence. The company has faced some controversy for this decision, considering that its holdings have come down through 2018 Bear Market and it is planning a Hong Kong IPO.

Specifically, while Bitmain had organized about $ 900 million in cryptocurrency in the beginning of 2018, its value has dropped 20 percent in the last 10 months. According to the price index, at the press time, Bitcoin Cash is trading at an average of $ 535.

 

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