Brave 2.0 to Introduce Native Ethereum Wallet and Add DEX

Brave 2.0 to Introduce Native Ethereum Wallet and Add DEX

Brave, the privacy-protecting browser, has unveiled the specifications for version 2.0 of its open-source, crypto-powered web browser. 

Replacing The Old with The New

In a recent official press release, the browser announced that it plans to introduce a native Ethereum wallet, replacing its current built-in crypto wallet. This new wallet will hold Brave’s Basic Attention Token (BAT) token that is distributed as a reward to users for viewing ads.  

The BAT 2.0 roadmap also showcased plans to introduce a decentralized exchange (DEX) that offers support for liquidity providers and enables users to swap tokens from within the browser. The DEX will also integrate layer-2 scaling features and offer discounts for holders of BAT.

The 2.0 wallet is aiming to bring a wide assortment of additional features, including a new wallet for mobile devices, support for NFTs and DeFi use cases, and diverse fiat-to-BAT onramps. Users will also be able to use their BAT tokens as a means of fee payments and enjoy a revamped user experience.

Other assorted features under consideration include the integration of the BAT token with e-commerce sites, search engines, VPNs, and IPFS file hosting.

No KYC Requirements for Withdrawals

The new improvements on the privacy-preserving web browser is expected to help boost Brave’s popularity among its 25 million monthly active users and grow the browser’s market share.

Per Brave’s latest update, their 2.0 crypto wallet is scheduled for release in the next 12 to 18 months, so users will likely be able to enjoy the benefits quite soon.

Perhaps the most interesting new feature for users is the ability to withdraw BAT tokens from their wallets without the need for KYC. Currently, Brave only allows users to withdraw BAT rewards via Uphold, a service that imposes strict KYC procedures.

The new 2.0 wallet plans to introduce fiat-to-BAT onramps that allow users to cash in on their rewards without any KYC requirements for withdrawals. However, the browser could presumably decide to maintain a certain degree of control over BAT token payouts.

At the moment, Brave places geographical restrictions that determine which users can view ads and earn BAT. It also limits token payouts based on the number of devices in use.

Brave Jumps on the NFT Train

Just last week, Brave celebrated yet another landmark achievement, with the web browser delving in the world of non-fungible tokens (NFTs).

The browser announced a partnership with Origin Protocol that facilitates users to purchase limited-edition NFTs directly from the official Brave Store. 

Following the announcement, Origin listed 40 limited-edition NFTs from a recent meme contest now available for purchase directly via the Brave Browser.

“We’re very excited to be collaborating with Origin to introduce additional BAT utility with support for NFT purchases in the Brave Store”, stated Luke Mulks, VP of Business Operations at Brave.

Wayne Jones

Wayne is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.