Browser-based crypto wallet, Telescope, has been acquired by Bitmain. The open-source extension, which can be used to send and receive Bitcoin Cash (BCH), is the latest addition to the ASIC manufacturer’s growing portfolio of crypto services. Launched in 2018 by IBM software engineer, the wallet works with Chrome and Firefox browsers.
How Telescope Works
Telescope was founded by IBM software engineer, Aaron Angert, in 2018. It allows users to send and receive BCH instantly on any type of web page. Private transaction keys are stored within the browser extension and signed by the browser before being pushed to a BCH explorer. These are then encrypted via the blockchain, much in the same way as standard cryptocurrency wallets.
Bitmain Braces Itself
It’s all happening for Bitmain at the moment, what with the Squire Mining hard-fork slap-down earlier in the week, not to mention the fast-approaching IPO. So the acquisition is welcome news for the crypto mining giant, as it braces itself for a eventful couple of months.
The move for Telescope is part of a wider strategy by Bitmain to expand its operations beyond the manufacture of ASIC crypto miners and to show investors that the company isn’t a one-dimensional operation.
It’s also no secret that co-founder Jihan Wu is looking to branch into other areas, including artificial intelligence. A stock listing should certainly help Wu get the funds he needs for this and other ventures.
Speaking about the devouring of his company by Bitmain, Aaron Angert, who’s now even richer than before, 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.”
Nishant Sharma, Head of International PR and Communications at Bitmain, offered his own, postprandial thoughts:
“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.”