In an effort to strengthen its ever-expanding position within the cryptocurrency house, Coinbase has acquired Cipher browser – a competitor to its in-house Ethereum pockets, app browser and safe messaging service.
Toshi + Cipher
On April 13, standard San Francisco-based cryptocurrency trade Coinbase introduced its acquisition Cipher Browser, a free cell Ethereum pockets, and web3 dapp browser.
— Coinbase (@coinbase) April 13, 2018
The transfer by Coinbase has primarily been made strengthen its personal comparable product, Toshi — although the precise phrases of the deal haven’t been revealed.
Launched final yr, Toshi is a free API toolkit for bitcoin app builders that runs on a full bitcoin node backed by a SQL database. Toshi customers may make the most of the platform as a pockets for Ethereum whereas shopping Ethereum apps and sending safe messages — nearly precisely like as on Cipher. Thus, the transfer could also be interpreted as a strategic acquisition to take away competitors.
As famous by TechCrunch, Coinbase plans on integrating the Toshi and Cipher Browser groups — which will probably be a reasonably easy course of, given the truth that Cypher was created by one particular person, Pete Kim. Kim is slated to grow to be Toshi’s head of engineering as Coinbase combines the 2 platforms into Toshi. Kim may even work alongside the Toshi’s product lead, Sid Coelho-Prabhu.
Rachel Horwitz, Coinbase’s vp for communications, defined in a assertion:
[Coinbase is] all the time seeking to purchase the perfect groups and applied sciences within the crypto areas. Given the similarity of our product visions, we’re pleased to be becoming a member of forces with Pete, who will grow to be head of engineering for Toshi alongside aspect Sid Coelho-Prabhu, Coinbase’s product lead for Toshi. In coming weeks, we’ll merge sure options of Cipher into Toshi.
On the identical day, Cipher Browser tweeted that the addition of testnets can be one of many first options launched to Toshi.
Sure that will probably be one of many first options we will probably be bringing to @Toshi.
— Cipher Browser for Ethereum (@CipherBrowser) April 13, 2018