Brave browser is expanding the wallet features that its users can access. Native cryptocurrency wallets are currently unsupported on the Brave, but there are developments which strongly suggest that support for these wallets is on its way.
Native cryptocurrency wallets were added to Brave Nightly, which is the test and development version of Brave browser.
The announcement about the testing was posted on Brave’s subreddit, r/BATProject. Advertisers, viewers, and content feature receive rewards through Brave’s token.
The update that is coming to Brave browser will allow crypto wallets to be utilized along with Brave’s BAT. Customers who intend to transact on this platform will have to undergo strict KYC vetting before they can engage in trade. The KYC testing will be done through Uphold, a partner of Brave.
One of the major complaints that users of Brave have had has to do with an absence of support for Ethereum wallets on the browser.
Native crypto wallets such as MyEtherWallet and MetaMask are unsupported, and this has been a point of contention since Brave was launched.
The absence of support for Ethereum wallets was not a mistake. Brave intended to build a platform through which they could develop their own cryptocurrency and have it take off.
The content creation platform would provide Brave’s token with the springboard it needs to become a leading digital asset.
Brave has placed value on KYC requirements which they implement through Uphold.
Brendan Eich, CEO, and co-founder of Brave said that they remain focused on KYC requirements because these are important for regulatory compliance. He went on to say that they want their users to have access to integrated online crypto wallets in Brave.
Crypto wallets are vital to the progress of cryptocurrency into the mainstream. As more platforms give users access to a broader range of crypto wallets, more digital assets can be used for transactions and trades, and this will attract more people to crypto trading.
There is a need for more crypto wallets to be integrated on popular platforms.
There needs to be a balance between the opening up of crypto wallets to users and maintaining regulatory compliance.
The crypto industry is under increased scrutiny from regulators because of compliance issues. Brave is intent on staying on the right side of regulations by adhering to the strict KYC protocols of Uphold.