Home News Brave launches browser-native crypto wallet to combat fake extensions

Brave launches browser-native crypto wallet to combat fake extensions

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a browser that prioritises privacy Brave has replaced its extension-based bitcoin wallet with a browser-native cryptocurrency wallet, demonstrating its commitment to cryptocurrency adoption.

Brave Wallet is a self-custody cryptocurrency wallet incorporated within the Brave desktop browser that allows users to store and acquire cryptocurrencies like Ether (ETH).

The new wallet replaces Brave’s MetaMask extension fork dubbed Crypto Wallets, according to Brian Bondy, chief technology officer and co-founder of Brave. The new version was “developed from the ground up, integrated inside the Brave Browser,” according to the CTO.

Brave wallet differs from current web3 wallets like as MetaMask in that it does not require users to download an extension and is instead integrated as a fundamental functionality inside the browser. This, the company claims, will lessen security threats and the need for additional CPU and memory.

According to Bondy, the browser’s cryptocurrency wallet is almost identical to hardware wallets. Because it implements its own hierarchical deterministic wallet based on BIP32.

As Bondy explained, the funds always stored on the blockchain. But the keys to unlock them stored in the Brave Wallet. If a user connects a hardware wallet by Ledger or Trezor, the user’s private keys always remain on the hardware device.

Browser extensions are one of the main barriers to mainstream crypto adoption

Because of their limited security, Bondy argues that browser extensions are one of the main barriers to mainstream crypto adoption.

According to the CTO, spoofing attacks posing as a good wallet extension are quite common among criminals. For example, Bondy highlighted a fake MetaMask extension intended to steal users’ crypto. Noting that these also tend to allow code dependencies to accumulate. Which may, over time, lead to unresolved security audit errors.

As part of its functionality, the Brave Wallet allows users to transact in “virtually any cryptocurrency asset”. Including Polygon, xDai, Avalanche, and others in the Ethereum Virtual Machine. BTC (Bitcoin) support is in the works and will be available later, Bondy said. The Brave Wallet will integrate the Solana blockchain in 2022 as the company plans to add more blockchains to its browser.

The Brave Wallet, in addition to supporting DApp interactions, supports the sending and receiving of NFTs, on any EVM-compatible blockchain. The wallet also offers users the option of purchasing crypto using fiat currencies. Including the United States dollar or euro, with the crypto-to-fiat service Wyre.

It’s different than Brave Rewards

On desktop, the new Wallet is immediately available for free, while its mobile app will incorporate the wallet later. Users need to upgrade the Brave browser to version 1.32 in order to access the new Wallet. With the new wallet, Brave users will not receive Basic Attention Tokens (BAT) for viewing privacy-protecting ads, as with Brave Rewards.

In 2015, Brendan Eich, who created JavaScript and was a co-founder of Mozilla, co-founded the startup Brave Software with Bondy. When Brave’s BAT initial coin offering took place in June 2017, it raised $35 million in 30 seconds.

As of November 2021, there were 42 million monthly active users using the crypto-friendly browser. Up from 25 million in February.

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