Brave’s privacy-focused browser continues to deepen its commitment to using cryptocurrency by replacing the expansion-based crypto wallet with its own browser wallet.
The company announced to Cointelegraph on Tuesday that it is preparing for the official launch of Brave Wallet, a self-saving cryptocurrency wallet built into the Brave browser that allows users to store and buy cryptocurrencies such as Ether (ETH).
Brian Bundy, CTO and co-founder of Brave, told Cointelegraph that the new wallet replaces a fork of Brave’s MetaMask extension called Crypto Wallets. According to the head coach, “the new app was built from scratch, naturally in the Brave browser.”
The new wallet differs from other Web 3.0 wallets such as MetaMask in that it does not require users to download the extension, but is built directly into the browser itself as a key function. According to the company, this will reduce the security risk and reduce the dependence on additional processor and memory.
Bundy said that the browser’s crypto wallet is similar to a hardware crypto wallet because it implements its own hierarchical deterministic wallet BIP32.
“Money is always kept on the blockchain, but the keys to unlock these funds are stored in the Brave Wallet,” Bundy said. He added that the user’s private keys always remain on devices if the user decides to connect a hardware wallet from vendors such as Ledger or Trezor.
According to Bondi, the industry’s reliance on cryptocurrency wallets in the form of browser extensions is one of the main obstacles to the massive use of cryptocurrencies due to their limited security.
“One of the biggest problems with extensions is how easy it is for attackers to counterfeit it by pretending to be a good wallet extension – such phishing attacks are very common,” said the director of training. Bundy cited examples as fake MetaMask extensions aimed at stealing custom encryption, noting that they also “tend to accumulate a number of code dependencies” that can lead to unresolved security audit errors over time, adding:
“Extensions cannot be displayed in the” full line “of the browser’s user interface, especially in the address bar or non-phishing toolbar. Brave Wallet can take full advantage of this area of the user interface to protect users from fraud.”
Brave Wallet allows users to perform transactions with “almost all cryptocurrencies” by supporting all Ethereum VM or EVM compliant chains, including Polygon, xDai, Avalanche and others. Bundy said that support for Bitcoin (BTC) is under development and will come at a later date. As the company plans to expand its browser with more blockchains, Brave Wallet will also integrate the Solana blockchain in 2022.
In addition to supporting DApp interoperability, Brave Wallet also allows users to send and receive non-fungible tokens or NFTs based on EVM-compatible blockchains. The wallet also allows users to buy cryptocurrencies in various fiat currencies, including US dollars or euros, through the Wyre cryptocurrency service.
Brave Wallet is free and immediately available on the desktop, and the mobile app will integrate the wallet later. To start using Brave Wallet, users need to download the Brave browser and update it to the latest version 1.32. The new wallet differs from Brave Rewards, a subscription feature that rewards Brave users with Basic Attention Tokens (BAT) for viewing privacy ads.
Related: MetaMask promotes institutional offerings with BitGo integration
The crypto-enabled browser has become very popular in recent years, with monthly active users increasing from 25 million in February to over 42 million from November 2021.