The New Opera Touch Raises Warning Signs for Wallet Providers

Earlier today, Norwegian internet company Opera published a press release in which it announced the release of the iOS version of Opera Touch, its mobile web browser. 

Per the release, the new iOS-based web browser would work on the Ethereum protocol and the Ethereum Web3 application programming interface (API). Essentially, it means that the app comes with support for Ethereum-based DApps, stablecoins, ERC-20 tokens, and much more.

To top it off, the browser also comes with the “Opera Crypto Wallet,” a cryptocurrency wallet that will provide Ether (ETH) storage capabilities, unlike most Bitcoin wallets. The same app is already available for Android phone users, and just as it is with pretty much every version of the Opera browser that has been released, reviews so far haven’t been shabby at all. 

The release of an app like this definitely is good news. If anything, it shows that more internet and tech companies are warming up to the world of tokens and cryptocurrency exchanges. So far, 2019 has seen much integration with crypto and Big Tech; the Samsung s10 smartphone- Samsung’s flagship product as of now- comes with an in-built cryptocurrency wallet, and social media giant Facebook recently released the whitepaper for Libra, its own stablecoin. 

Opera Touch is just the latest. 

However, it’s a cause of worry for wallet providers and manufacturers. According to statistics from the Google Play Store, the Opera browser has over 5 million downloads. Here’s the point; given the fact that a lot of internet companies and tech giants are developing cryptocurrency wallets, the market is becoming more saturated, and generic wallet manufacturers might not like it. 

A Samsung user could simply question why they need to download wallets now that their smartphones come with one. 

Now that Opera Touch for iOS is available, iOS users can now download the app and enjoy secure ETH storage. Knowing Opera- and the competitiveness of the tech sector- you can count on the fact that support for other crypto assets in the Opera Wallet would be rolled out soon. 

Wallet manufacturers don’t particularly fit in this picture, when you look at things from a convenience perspective. The fact that these companies have a lot of followers and resources puts them in pole position to snatch the market, and if manufacturers like Ledger and Trezor are unable to find some way to best this incoming wave, it could be a long battle to attract mobile users. Opera’s wallet is currently limited to Ethereum and all tokens based on the ERC-20 standards, but that could change in the future. This shouldn’t be much of a worry for the likes of Ledger and Trezor, whose expertise lies largely in cold storage solutions.