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Microsoft is developing a Crypto Wallet feature for the Edge browser that will allow users to save, transmit, and receive cryptocurrencies right from the browser. The wallet will also support the storage of non-fungible tokens (NFTs).
Public keys can be shared with others to receive payments, however, private keys should be kept private and used to authorize transactions when spending your bitcoin.
The new Edge Crypto Wallet was discovered by Microsoft sleuth Albacore, who tweeted some screenshots and expressed surprise that it may become a new Microsoft Edge feature.
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Edge's Introdution crypto wallet. Credit: Albacore/Twitter
The functionality, according to Microsoft, gives users complete control over a non-custodial cryptocurrency wallet with built-in security safeguards to guard against unsecured addresses or apps.
From a design standpoint, Microsoft claimed it provided a streamlined experience to make Web3 simpler to use.
Microsoft states that it will not compensate consumers in the event of loss and instructs testers to spend their own money.
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Edge's Crypto wallet details. Credit: Albacore/Twitter
It is not yet available to Insiders and is most likely only being tested by a small group of Microsoft Edge Dev Channel users.
You have total control over your money because this wallet is not custodial. We keep your recovery key and password secret. Edge already includes it, making it simple to use without installing any extensions." Microsoft asserts that throughout the onboarding process.
"You will invest your own money as a tester... Microsoft will not make up any losses in the event of a fund loss. Since this initiative is private, no information should be disclosed to third parties."
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The Overview tab displays your coins and their current monetary value. Credit: Albacore/Twitter
During onboarding, testers are prompted to create a password to secure their assets and a 12-word recovery phrase to restore their crypto wallet if they forget their password.
When the onboarding process is complete, the wallet creates an Ethereum address that enables users to accept payments over the Ethereum network.
This wallet's alphanumeric address is used for transactions, such as sending or receiving cryptocurrency. According to Microsoft, the QR code can also be used to share your public address.
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Setting up an Edge Crypto Wallet recovery phrase: Credit: Albacore/Twitter
Microsoft Edge's Crypto Wallet supports multiple Ethereum accounts and lets you switch between them as necessary, just like other cryptocurrency wallets.
Depending on how they want to manage their assets, Tested can choose to set either an Extension wallet or the built-in Edge wallet as their default cryptocurrency wallet.
The Edge cryptocurrency wallet has a news section where users can stay up to date on the most recent cryptocurrency developments and can connect to decentralized apps (dApps).
To provide a built-in cryptocurrency swap feature between Ethereum, Dai Stablecoin, Uniswap, USD Coin, and Tether Coin, Microsoft has teamed up with Consensys.
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Token exchange in the new Edge Crypto Wallet: Credit: Albacore/Twitter
Testers are prompted to choose a password for their wallet while establishing their crypto wallet.
After setting up their wallet, clients are shown a dashboard with tabs for Overview, Assets, Transactions, Connections, and Explore.
The value of the cryptocurrency contained in the wallet is displayed in the Overview section over time.
Also, it contains a Transact button that enables users to buy, send, or exchange cryptocurrency.
The wallet looks to support Ethereum-compatible blockchains based on the screenshots.
The user must specify a public address, nickname, or ENS name to send cryptocurrency.
Users can acquire cryptocurrency using the Coinbase or MoonPay exchanges by selecting the buy option.
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Token exchange in the new Edge Crypto Wallet: Credit: Albacore/Twitter
The Assets part of the Edge cryptocurrency wallet has two subsections for cryptocurrency and NFTs.
Under crypto, it provides the names, balances, 24-hour price fluctuations, and market prices of the cryptocurrencies in the wallet.
Users can view their collections from numerous markets in one location using the NFTs category.
The Explore area, which is the last, displays news regarding cryptocurrencies, including articles from publications like Fortune, The Motley Fool, and CNBC.
Given Microsoft's terrible reputation for security flaws on its once-ubiquitous browser, Internet Explorer, it will be fascinating to see whether customers trust Edge with a cryptocurrency wallet.
Conclusion
It's another example of Microsoft incorporating a non-browsing-related feature into its web browser. Many of these capabilities may be turned off, and competing browsers such as Chrome and Firefox all try to provide value and generate money by including access to new niche features and third-party services. However, Microsoft's efforts can still have a large impact that warrants further scrutiny. Edge is a built-in, non-removable component of every Windows 10 and Windows 11 PC, and the operating system encourages you to use it frequently.