Coinbase, wants to be the largest most centralized company in all of cryptocurrency, which in most ways defies the intent of what cryptocurrency was supposed to be.
In its latest move, it has copied the practices of all major internet based tech companies by beginning to acquire its smaller competition.
Coinbase has announced today, that it has become the new owner of Cipher Browser. Cipher was a wallet that was used to store ethereum-based tokens, similar to coinbases own wallet called Toshi.
Pete Kim, the sole creator off the Cipher wallet will because the head of engineering for Coinbase’s Toshi wallet. No specific details of the arrangement were made public.
Coinbase has almost 1 billion dollars in revenue including its latest $100 million dollar funding round.
This is not the first time coibase has acquired talent, having taken in Emilie Choi from LinkedIn as well as the entire engineering team, though small, behind memo.ai, a company that created Slackbot to help manage technical teams.
Cipher and Pete Kim will be integrating into the existing Coinbase business structure with plans to integrate features from the Cipher Browser into the Coinbase Toshi Wallet.
Toshi was claimed to be an open-source tool kit to make it easier for bitcoin developers to build new tools. However after Coinbase began focusing more on working with bitcoin cash than bitcoin itself, the claim has since become clearer that the bitcoin blockchain is too slow and expensive to use for anything but digital money.
Because of these things, Toshi has moved to an ethereum based toolkit.
According to a coinbase Spokesperson:
We’re excited to combine forces and build the best browser for the decentralized web
One can speculate that this is yet another attempt to get less users turning to bitcoin in favor of altcoins like ethereum and bitcoin cash, but the future of cryptocurrency is still very much uncertain.