- The privacy-focused browser Brave has launched a native cryptocurrency wallet, ousting its MetaMask-based wallet extension.
- Brave Wallet will allow users to store, trade, and swap their crypto holdings from one single platform.
- “In 2022, the Brave Wallet will integrate the Solana blockchain, making Solana the default for DApp support,” the company said.
The privacy-focused browser Brave has rolled out a native cryptocurrency wallet, ousting its MetaMask-based wallet extension.
Announced Tuesday, Brave Wallet allows users to store, trade, and swap their crypto holdings from one single platform. In a move to capture some of MetaMask’s market dominance, the wallet allows for token purchases, storing of NFTs, tracking portfolio performance, and swapping various digital assets.
“Unlike most crypto wallets, the Brave Wallet does not require extensions; it’s browser-native, reducing security risks and reliance on extra CPU and memory,” Brave said in the announcement, noting that currently the wallet is only available on Desktop apps.
The Brave browser, which boasts 42 million monthly active users, has made itself an attractive option for crypto users and companies. The homepage of the browser links to four of the most popular crypto exchanges, including Gemini, Crypto.com, FTX, and Binance.
The browser also has a native token, dubbed Basic Attention Token (BAT), which powers its blockchain-based digital advertising platform. The token is also used to reward users with a fraction of digital advertising revenue.
Brave Wallet to Boost Security
Brave claims that its built-in crypto wallet will tackle security risks associated with the usual extension-based wallets. The wallet also touts increased performance and claims it will support hardware wallets from the likes of Trezor and Ledger.
“While countless crypto wallet options exist (hot ones and cold ones, hardware ones and software ones), most are browser extensions. These extensions have inherent security risks, are more susceptible to phishing and asset theft, and require extra background processes to run, creating performance issues on users’ devices,” the announcement said.
Reportedly, the browser aims to take 0.875% of all token swaps as a fee, which resembles that of MetaMask’s, which will open a new revenue stream for Brave.
Notably, the brave’s new wallet carries an open MPL license, implying that developers will be able to view the source code and make contributions. “Brave believes that the crypto ecosystem should not only be open source, but should also be enabled via tools and wallets with an open license,” it said.
Meanwhile, Brave said that it aims to deploy the Solana blockchain by 2022. “In 2022, the Brave Wallet will integrate the Solana blockchain, making Solana the default for DApp support,” the browser said. However, until then, Brave Wallet will be limited to Ethereum layer 2 solutions and Ethereum Virtual Machine (EVM) compatible blockchains like Avalanche, Binance Smart Chain, and others.