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Bitmain Acquires a Bitcoin Cash (BCH) Wallet -Telescope

Bitmain has acquired the browser based Bitcoin Cash wallet. The open source cash wallet is called Telescope. The Telescope can be used for both Mozilla Firefox and Alphabet Inc’s (NASDAQ:GOOG) Google Chrome. Telescope also supports MoneyButton, Akari-Pay, Bitpay invoices, other wallet services.

Secure Browser Extension for Instant Transactions

The browser based wallet is launched to support instant transactions. An expansive extension script is developed to allow the users to send and receive instantly on the web pages of browsers – Firefox and Chrome. The secure extension securely stores the private keys on the local web browsers. The encrypted private keys are secured with a password. According to the company release, support for other platforms will be introduced in the future. and Bitpay support Bitmain and stores the cryptographic keys in the browser extension. As a result, the user browser directly signs the transactions. It enjoys the same security as that of normal hot wallet. Nishant Shram, Head (International Press Relations and Communications) said the open source technology based wallet is vital for Bitcoin Cash ecosystem.

Nishant said the embedded cryptocurrency wallets in the web browser are the promising technology. The development team of Telescope is working on an interesting task and looking forward to working with them on the bitcoin cash projects in the future. Bitmain holds 1.021 million BCH. The company has purchased BCH at $869 (average). Total holding of the company is estimated at $887 million. However, the company has reported a loss of $350 million due to declining coin prices.

Market cap of BCH

The market cap of BCH is estimated at $9.2 billion. BCH is trading at $514. The bearish sentiment of the cryptocurrency is weighing on the price of BCH. The BCH circulation in the world is estimated at 17,288,638 BCH.

Bitmain Offloads Bitcoin to Purchase Bitcoin Cash

According to the pre-IPO document, Bitmain sold a large chunk of Bitcoin and purchased Bitcoin cash.  The positions of Bitcoin is estimated at 71,560 in December 2016. The company holds 22,082 bitcoins in March. Its Bitcoin cash positions are estimated at 1.02 million. Bitmain has invested $3 million in a digital advertising company.

Published by Nicholas Maithya

Nicholas is a Financial Analyst by profession, who enjoys writing about investments, technological developments, business, economics and other financial topics at various financial publications. Join him here on as he endeavors to deliver to you the latest breaking news on the above mentioned fronts. Contact him by email at [email protected] or follow Nicholas Kitonyi @nmaithyak on Twitter.

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