Largest manufacturer of equipment for mining Bitmain bought Telescope cryptocurrency startup that developed the wallet open-source of Bitcoin for Cash (BCH).

Wallet Telescope is installed as an extension for browsers Google Chrome and Mozilla Firefox. Keys owners wallet stores on the devices themselves, which involves protection of information and confirmation of transactions occurs directly in users ‘ browsers. After completion of the transaction with Bitmain, the company plans to create extensions for other browsers.

According to Nishant Sharma (Nishant Sharma), head of relations with international press and communication Bitmain, the Telescope brings to the ecosystem of Bitcoin Cash is important, though simple innovation.

“The built-in browser cryptocurrency wallets is a promising technology. The team Telescope is doing very interesting work, and we look forward to working with them in this project and other future projects in the Bitcoin Cash,” said Sharma.

It is worth mentioning that Bitmain owns approximately 6% of the existing tokens BCH 69% of all funds of the company. At the beginning of 2018, this number was equivalent to the amount of $900 million, however, due to the downturn of the cryptocurrency market, the company faced challenges in the past ten months, the assets of the company depreciated by 30%, thus Bitmain lost $300 million.

In may, Bitmain decided to hold an initial public offering (IPO) on the Hong Kong stock exchange to raise $1 billion. At the end of September in mass media the information appeared that manufacturer mining equipment is on the verge of bankruptcy, in particular because of problems with the BCH, mentioned above, and large production costs.