Bitmain, headquartered in Beijing, China is the world’s largest designer of ASIC chips for Bitcoin mining. Recently the mining titan has acquired Telescope, a bitcoin cash browser wallet. The telescope is an open source Bitcoin Cash wallet. It was launched earlier in 2018 to facilitate instant Bitcoin Cash transaction.
Bitmain currently holds about 6% of all the Bitcoin Cash in the world. The company was in the news recently and fronted controversy as its property was highly devalued, however, it is also planning a Hong Kong IPO to go live. According to the IPO filing, Bitmain earned $2.25 billion in revenue in 2017 from mining hardware sales and brought in $2.68 billion in sales during the first half of 2018.
The company is determined to add other platforms shortly, however, the wallet can be currently operated on both Google Chrome or Mozilla Firefox.
The leading developer of the company also commented:
“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 honoured to be a part of the bitcoin cash community, as a vibrant collection of individuals contributing to the development of blockchain technology and the cryptocurrency industry.”
The head of international press relations and communications for Bitmain, Nishant Sharma, declared that the technology, even though it might be simple, is a key innovation in the field and it will be essential for the Bitcoin Cash ecosystem.
Telescope is supported by BitPay and moneybutton.com. It stores the cryptographic keys in the browser itself, which means the user would be able to sign the transactions directly from its browser.
Nishant Sharma, throwing light on the joint venture 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.”
Browser-embedded crypto wallets are the future-focused technology and will prove to be more handful, and Bitmain looks forward to working with the team.