Telescope, an open source digital currency wallet based on web-browser, has made an official announcement about being purchased by Bitmain Technologies Inc., the biggest digital currency mining equipment producer that also operates one of the largest digital currency cryptomining pools on the globe.
This is a timely and important acquisition for Bitmain, which is broadening its involvement in the BCH space, as it keeps rebranding itself as something more than simply an ASIC manufacturer prior to its scheduled big initial public offering to be held in Hong Kong.
Telescope is a digital currency wallet, enabling customers of Chrome and Firefox browsers to trade Bitcoin Cash via a browser extension. Additionally, the wallet provides services for BitPay and MoneyButton. Although it is now optimized for the aforementioned browsers, the project intends to expand its operations and end up supporting every leading web-browser out there.
The sensitive transaction data is saved by the Telescope in the browser extension of the app, with further signing of transactions by customer’s browser. The data is then sent to a Bitcoin Cash block explorer. Encryption of the private keys is performed with help of blockchain technologies, securing the safety of the customers’ money the same way the standalone digital currency wallets do.
Representatives of both parts of the acquisition express their pride in the achievements Telescope has reached and are looking forward to a fruitful cooperation in the upcoming future.