Tech giant Microsoft is reportedly developing a new Web3 wallet that will integrate crypto and non-fungible tokens (NFTs) into its web browser, Edge. Leaked screenshots of the wallet’s user interface show that it will enable users to buy and sell crypto assets on the Coinbase exchange and MoonPay. According to Cointelegragh, it will also allow users to browse different NFT marketplaces, and buy and sell them using the digital wallet.
The wallet will be embedded in the Edge browser, as opposed to being an installed extension.
This move by Microsoft is part of a growing trend in the tech industry of encroaching into the financial space, as major tech companies seek to expand their services and revenue streams. In recent years, companies including Apple, Google, and Facebook have entered the payments space with the launch of digital wallets and payment systems, and have even ventured into cryptocurrency trading and blockchain technology. Microsoft’s alleged development of a Web3 wallet integrated into its Edge browser is following suit. As the adoption of cryptocurrency trading and digital wallets continues to grow, we can expect more companies to enter the space—from established financial institutions to tech giants and fintech startups.
The financial industry is undergoing a major transformation, driven by technological innovation, and the companies that are best able to adapt and innovate will be the ones that succeed in the long run. Fintech startups are leveraging the latest technology to create more efficient, cost-effective, and user-friendly financial products, from mobile banking apps to robo-advisors and peer-to-peer lending platforms. As a result, established financial institutions and tech companies alike are investing heavily in fintech to stay competitive and retain customers.
Overall. Microsoft has had a bit of a renaissance recently in its software. It’s incorporating ChatGPT AI capabilities into its whole suite of software, and is increasingly challenging Google’s business model on multiple fronts (searching engine, Google Pay, etc.).