A mining giant Bitmain became a buyer of the Telescope startup. This year, the company introduced a browser wallet for Bitcoin Cash.
The transaction was welcomed by the head of Bitmain for international relations Nishant Sharma. He called browser wallets a promising technology and said that Telescope brings a simple but key innovation to the BCH system.
The startup was launched by former IBM programmer Aaron Unger. The development has an open source available on GitHub. The wallet can be found in Google Chrome and Mozilla Firefox browsers, it is also supported by the BitPay and Moneybutton services. Users can choose fiat to convert from 18 currencies. Keys are stored in the extension and are signed by the user. The developers claim that it provides a high level of security. It is planned to expand the list of supported browsers after the purchase.
This purchase is important for Bitmain, as the company owns about 6% of all Bitcoin Cash coins (EXANTE: Bitcoin.Cash). However, this investment policy of the Chinese giant is perceived in the crypto community ambiguously. In August, due to the large share of this cryptocurrency in its portfolio, the company suffered losses amid falling BCH prices. Over the past 10 months, the value of Bitmain assets in this currency has depreciated by about 20%.
At the end of last month, Bitmain filed a formal application for an IPO on the Hong Kong Stock Exchange (HKEX). At the moment, it is not known when exactly the public offering will occur, as well as how many shares will be offered by the company. Sources claim that the manufacturer of ASIC miners expects to attract $3 billion to $18 billion during the IPO. However, many experts disagree with this estimate and predict companies are far less impressive.
Also, as part of the approval process for an IPO application, the company submitted a prospectus on its own financial position to HKEX. When analyzing the prospectus, it became clear that most of its financial data is an outdated information, with the exception of the second quarter of 2018. This can lead to problems for the company.
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