Opera is not slowing down in its expansion into the cryptocurrency space. The company has announced another important milestone in its catalog of mobile applications.
In the late hours of Wednesday, the Internet company announced via a blog post that it had integrated support for both Bitcoin (BTC) and TRON (TRX) into its built-in cryptocurrency wallet.
More specifically, the announcement revealed that this integration is currently available in the Opera Crypto Wallet for the app’s Version 53 Beta on Android devices. With the integration, users will be able to send and receive TRON (as well as TRC 10 tokens) and Bitcoin. The new integration also supports BTC transactions on webpages.
The company touted the development, claiming that it was a necessary step for ushering in Web 3.0, an Internet innovation which would supposedly revolve around the goals of peer-to-peer functionality and decentralization.
The browser has definitely come a long way in its cryptocurrency endeavors. Up until yesterday, the crypto wallet only supported Ether and ERC-20 tokens. With the recent update, Opera is sending a signal that it’s determined to make its browser much more inclusive.
In addition, while the Bitcoin and TRON functionalities are only available for Android users at the moment, it’s safe to assume that the iOS version of the browser, which was launched a little over two weeks ago, would be getting its own fix soon.
Opera’s Crypto Wallet browser was released as far back as December 2018, so it’s only natural for updates to be rolled out on the platform first. Besides Opera, the greatest progress that has been made in combining smartphones with cryptocurrency was through HTC and Samsung. Both companies released a new-generation smartphone that incldue a crypto wallet.
A fundamental industry shift
The development is also a significant one for the cryptocurrency community. While wallet providers (and perhaps even some cryptocurrency exchanges) might see their user base hampered by the entrance of new market players, the inclusion of crypto wallets into the infrastructure of web browsers means investors and asset holders can now store their assets more conveniently.
The Web 3.0 inclusion is also a sticking point for the old guard. Preparing for a decentralized internet infrastructure means that a company like Opera is positioning itself for a better future; one which users get more privacy, seamless financial transactions, and control over their internet presence. Another space that is currently being occupied by conventional wallet manufacturers.
Wallet manufacturers still have cold storage
However, there’s still a haven that wallet manufacturers like Ledger can call home. It’s called cold storage. Companies like Trezor and Ledger have made their name manufacturing high-grade cold storage wallets, and given the business model of companies like Opera, branching into this line of business might not be feasible short term.
Cold wallet storage is more secure- albeit less convenient- than mobile or hot wallets (which is primarily used by exchanges), and it is particularly famous among institutional investors. So, if the traditional wallet manufacturers can keep their hold on this part of their market, then they could survive this new wave of market entrants.