Cipher Browser, a decentralized app, and wallet for Ethereum blockchain was acquired by Coinbase today. Coinbase will use the browser to rejuvenate its own similar product but the terms of the deal were left undisclosed as of now.
Coinbase recently tweeted:
Coinbase has visions to be the Google of the crypto market. The exchange worth $1.6 billion has taken a page from Google’s own playbook, encapsulating a small but nimble competitor.
The app browser cum wallet, Cipher browser allows users to store Ethereum [ETH] based tokens similar to the existing ETH browser, Toshi. It also offers a Web 3 decentralized app [Dapp] browser and mentioned that it would further merge many of the features with Toshi, also launched by Coinbase.
According to the team’s statement:
“We’re excited to combine forces and build the best browser for the decentralized web.”
Pete Kim, a one-man army is the mind behind Toshi. He will be renamed the head of engineering at Toshi as they look forward to the integration with Cipher browser. Sid Coelho-Prabhu, the Product Lead for Toshi at Coinbase will also work closely with Pete. The theory states that Toshi makes it simpler and convenient for casual users to access applications built on the Ethereum network.
Ethereum [ETH], the world’s second largest coin is trading at $496.62 as seen at press time with a market cap of $49 billion and a volume gain of 30% rounded up in the past 7 days.
With the completion of the merger, one of the first new features to come up in the browser will be Test nets. This will allow developers to test and experiment the apps completely without having to spend a single penny.
Though both the companies announced this collaboration, neither of them disclosed the acquisition terms. Rachel Horwitz, the Vice President of Coinbase for Communications stated:
“We are always hunting to acquire the best teams and technologies in the crypto space. We are happy to join hands with Pete considering the similarity of our product visions.”
They also hired a new Vice President for corporate and business developments, Emilie Choi last month, whose role includes oversee mergers and acquisitions.
Marius George, a Twitterati says:
“It’s way better than Toshi app… good move, but really, should be looking more at products built on BTC like Block stock.”
Marshall Adam, a market observer says:
“All this update in Coinbase are preparing for some RC-20 Alt, who have a big volume trade, to come in. Coinbase cannot handle does volumes without does updates, as for the Altcoins are 1st group like ADA, XLM, XRP NEO and 2nd Groupe MONERO IOTA TRX. “
Idris Nasir, a trader tweeted:
“Coinbase is always excited about shitty announcements… you have almost 1 million followers on this page, only 500 likes on this shitty post… don’t you realize that we don’t give a sh** until you add XRP?”