In addition to this union, it was also announced that founder of Cipher, Pete Kim will now be the head of Engineering at Toshi. As the Browser becomes integrated in Coinbase, the two decentralized apps will merge its features. According to Cipher Browser, one of the first features which will be introduced to Toshi after the merger will be completed, will be testnets.
“Exciting news! @CipherBrowser is joining @[email protected] will become head of engineering for @Toshi and we’ll be merging many features of Cipher into Toshi.
We’re committed to building the best Web 3 experience on mobile.
We can’t wait for what we can all build together!” read the tweet.
Details of the acquisition are sparse for the time being, as neither side disclosed the terms of the acquisition.
Coinbase Vice president for Communications, Rachel Horwitz, said in a statement that their firm is „always looking to acquire the best teams and technologies in the crypto spaces,” expressing satisfaction over the current merger.
“Given the similarity of our product visions, we’re happy to be joining forces with Pete, who will become head of engineering for Toshi alongside Sid Coelho-Prabhu, Coinbase’s product lead for Toshi. In coming weeks, we’ll merge certain features of Cipher into Toshi,” she added.
The recent news of this acquisition is just one from a list of major announcements that were made by the company in a short period of time. After announcing its support for SegWit in March, the crypto exchange announced that they had plans of developing an Index. Afterwards, that the exchange managed to launch a venture capitalist fund to back up blockchain and cryptocurrency projects.