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by Rahul Nambiampurath Popular cryptocurrency exchange Coinbase has acquired Cipher Browser for an undisclosed amount. The announcement of the acquisition was made official on April 13, 2018.
The company in question, Cipher, had once competed with Coinbase-developed Toshi Ethereum browser. This acquisition is the first instance in which Coinbase has shelled cash to buy out a smaller rival company.
Coinbase, a company that made a profit of $1 billion from the cryptocurrency exchange business, already had its own Ethereum app browser, Toshi. Cipher shares a similar business model as both let users to store Ethereum-based digital tokens on their wallet and browse a storefront of decentralized apps running on the Ethereum blockchain.
Cipher founder Pete Kim will assume a new role as the head of engineering at Toshi and work closely with Toshi’s existing development team. Cipher and Kim will be merged under the Coinbase umbrella over time.
Existing Cipher features will also be merged into Toshi according to an announcement on Twitter, “Exciting news! Cipher Browser is joining Coinbase! Read more from btcmanager.com…
thumbnail courtesy of btcmanager.com