Home Finance Will a New Built-in Crypto Wallet Revolutionize the Market?

Will a New Built-in Crypto Wallet Revolutionize the Market?


Opera has suddenly become a hot topic of discussion in the crypto community, after launching a new browser software with a built-in cryptocurrency wallet. The Norwegian software company introduced a new version of the Opera browser for Android, which combines an easy-to-use crypto wallet functionality with support for the Ethereum Web3 API. The new browser features a simple user interface that builds on “existing web browser wallets and decentralized web applications (dApps) with a default WebView”. With the new browser, users can send, receive or pay in cryptocurrency directly from a toggle on their Android mobile devices. In addition, it allows users to interact easily with dApps built on the Ethereum network. The company is inviting new users to join the browser, which is in private beta testing. Thanks to the decision to provide a built-in wallet, Opera users will no longer have to use a third-party plugin or dApp to use cryptos. The wallet will be a part of the browser, and no additional software will be necessary for those who wish to use it.

For those crypto lovers who are always on the lookout for the lookout for the best cryptocurrency wallet, Opera’s built-in wallet is good news, especially for Android users. However, this version of the app only supports ETH and ERC-20 tokens. The developers of this revolution are planning to add other cryptocurrencies in the near future across users based on responses from the crypto community members. With dozens of cryptocurrency wallets available, what makes Opera’s take any different? Well, it’s primarily designed for user-friendliness. The Opera Crypto Wallet is directly integrated into the browser, meaning you can easily switch between surfing the web and making cryptocurrency transactions. This can be especially handy when visiting a site to make virtual currency-based purchases. Paying with Opera’s Crypto Wallet is like sending digital cash straight from your phone.

How does this change the existing scenario?

The convergence of technologies and continued innovations in fintech are revolutionizing the crypto world. New technologies and apps are an every-day story. In this scenario, it would be pertinent to ask if Opera’s built-in Crypto Wallet will impact the traditional hardware and software-based wallets. Opera’s built-in wallet is unlikely to threaten existing wallets or disrupt the market and rapidly capture market share. First of all, Opera’s Crypto Wallet is still at the beta stage and it would be some time before a full-fledged commercial launch happens. Secondly, and more importantly, Opera’s app only supports Ethereum presently and the company is planning to add other currencies. Although Ethereum is arguably one of the fastest-growing currencies, not having Bitcoin, the first form of truly digital money and the most widely used cryptocurrency with market capitalization of nearly $30 billion, would limit the beta testing experience to a limited crypto population. Thus, until Opera reaches out to a wider user group, it may see success only with Ethereum buyers. Moreover, it is hard to believe that all Ethereum buyers will rush to download and use Opera’s new Crypto Wallet. Hence, within the Ethereum community too, the app may find gradual acceptance. While it’s still early days for this technology, it’s interesting to see a mainstream browser entering the space. Don’t be surprised; Safari, Edge, Chrome, and other ‘open source’ browsers could easily add crypto apps, given the exponentially growing market.