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0:37, 06 October 2018

Crypto Mining Giant Bitmain Acquires Bitcoin Cash Wallet

Crypto Mining Giant Bitmain Acquires Bitcoin Money Wallet

Bitmain financing funding pre-IPO

Open supply browser-based cryptocurrency wallet Telescope has officially announced its acquisition by Bitmain Technologies Inc., the world&#8217s largest crypto mining rig manufacturer, which also runs one of the world&#8217s most comprehensive cryptocurrency mining pools. The move comes at an essential time for Bitmain, which is growing its involvement in the bitcoin cash space as it continues to reinvent itself as far more than just an ASIC maker ahead of its planned mega-IPO in Hong Kong.

Telescope is a browser-embedded cryptocurrency wallet that at the moment makes it possible for users of Google Chrome and Mozilla Firefox to send and acquire BCH through a browser extension. Set up earlier in 2018 by former IBM software program engineer Aaron Angert, Telescope also offers help for BitPay and MoneyButton. While it is at present optimized for Chrome and Firefox, the plan is for the application to eventually offer you complete help for other leading browsers as the project grows.

Telescope transaction keys are saved in the application&rsquos browser extension, and then transactions are signed by the user&rsquos browser directly and sent to a BCH block explorer. Cross-browser private keys are encrypted via the blockchain, guaranteeing protected storage of user funds, just like standalone cryptocurrency wallets.

Speaking about Bitmain&#8217s acquisition of Telescope, the organization&#8217s Lead Developer Aaron Angert said:

&ldquoI am incredibly proud of what Telescope has been capable to attain so far and am excited for its future with the additional help and help of Bitmain. We are honored to be a portion of the bitcoin money community, as a vibrant collection of men and women contributing towards the development of blockchain technology and the cryptocurrency industry.&rdquo

Also reacting, Nishant Sharma, Head of International PR and Communications at Bitmain mentioned:

&ldquoWe are extremely proud of Telescope wallet and the easy but important innovation that the project brings to the bitcoin cash eco-method. Browser-embedded cryptocurrency wallets are a promising technology. The Telescope improvement group is undertaking some very fascinating operate and we look forward to working with each other with them on the Telescope project and future bitcoin cash projects.&rdquo

In August, CCN reported that Bitmain is sitting on bitcoin cash reserves worth nearly $600 million, or more than 5 % of all the 17.3 million BCH in existence. The acquisition of Telescope comes as Bitmain&#8217s most recent bet on bitcoin cash after the business threw its weight behind the faction that turned into BCH for the duration of the bitterly-contested bitcoin fork in 2017.

Featured Image from Shutterstock

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Published at Fri, 05 Oct 2018 23:25:23 +0000

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