According to reports, Microsoft is working on a Web3 wallet that might be included in its Edge web browser. Using the browser, the wallet would make it possible to store and manage cryptocurrencies and non-fungible tokens (NFTs).
Software archivist Albacore posted images of the wallet’s early phases on Twitter, demonstrating the capacity to transfer, exchange, and acquire cryptocurrency assets with Coinbase and Web3 infrastructure provider MoonPay integrated as “platforms that help you purchase and deposit crypto to your wallet.” According to reports, the wallet won’t be guarded by Microsoft, who won’t have access to passwords or recovery keys. Also, according to the UI, users will be able to search across different marketplaces to find NFTs and compile a collection.
If Microsoft’s decision is confirmed, Edge will join other browsers that offer integrated Web3 wallets, such as Opera and Brave. In terms of popularity, Edge has lagged behind competitors Apple’s Safari and Google’s Chrome, but the launch of the Web3 wallet would show the company’s growing dedication to the browser.
The idea of Microsoft entering the cryptocurrency market is not new. The business introduced the Azure Blockchain Service in 2019, giving consumers the option to create and deploy blockchain applications. Microsoft is reportedly looking towards developing a cryptocurrency on its Azure Blockchain platform, according to other reports.
The Web3 wallet’s integration could accelerate the uptake of cryptocurrencies and NFTs at a time when their use is expanding quickly. Recently, the combined market value of all cryptocurrencies topped $2 trillion for the first time, and NFTs have gained popularity thanks to the sales of well-known works of digital art.
The change comes after other recent enhancements to Edge, such as the incorporation of chat via OpenAI’s ChatGPT and search engines powered by artificial intelligence. Microsoft’s increased attention on Edge may be an indication of a new push into the browser business, which might put competition in the area under pressure.