Bitcoin Wallet Startup Is Acquired By Bitmain

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Bitcoin Wallet Startup Is Acquired By Bitmain-Telescope, the open-source bitcoin cash wallet is acquired by the Crypto mining giant  Bitmain announced on Monday.

Presently the Telescope is operated on Google and Mozilla firefox. It is helping the instant cash transfer through browsing platform. The telescope is launched earlier this year. Post-acquisition, Bitmain stated that it wants to expand the Telescope operation on other platforms too.

Telescope stores users money in the form of cryptographic keys and storing funds this way offers similar security as standalone wallets for the users. Bitpay and are supporting the Telescope. And the transactions are signed by the user’s browser directly.

Nishant Sharma, head of international press relations and communications at Bitmain, said in the release that Telescope brings a “simple but key innovation” to the bitcoin cash ecosystem.

“Telescope team is doing very interesting work by developing a cryptocurrency wallet which is embedded with the browser. We want to work with them on the Telescope project and future bitcoin cash projects.” noted by him.

 Bitmain faced many controversy for this decision and it is accused for its holdings and devaluing them through 2018. Presently bitcoin holds nearly 6 percent of the total bitcoin cash in existence. Its planning for the Hong Kong IPO.

In 2018 the value of Bitmain holdings depreciated roughly by 20 percent in last 10 months. Bitmain was having $900 Million in the cryptocurrency at the beginning of 2018. According to CoinDesk price index Bitcoin cash is trading at $535 on an average.

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