Cardano IOG Takes Charge of Nami Wallet, Attracting Over 200,000 Users

Cardano

Input Output Global (IOG), the research and engineering arm of Cardano, has assumed the role of the official overseer for Nami Wallet, a widely used browser-based wallet solution in the Cardano ecosystem.

A new custodian now oversees one of the most favoured wallets in the Cardano ecosystem. Input Output Global (IOG), Cardano’s research and engineering division, officially integrated Nami Wallet into its portfolio on November 1.

Nami Wallet, a browser-based wallet extension that facilitates ADA transfers, asset staking, and interaction with Cardano-based applications, now falls under the purview of Input Output Global (IOG). Since its launch in 2021, Nami Wallet has gained considerable popularity within the Cardano community, boasting a user base of over 200,000.

Nevertheless, Nami Wallet’s creator, Alessandro Konrad (known as Ales), recognized that the solution he developed to address a pressing need within the Cardano ecosystem had exceeded his expectations. As the wallet’s growth outstripped what a sole creator could manage, Ales faced a choice: transform Nami Wallet into a venture or find a capable guardian. He opted for the latter.

In an official announcement, Ales expressed his satisfaction with Nami finding a new home under IOG’s guidance. He cited IOG’s abundant resources and expertise as key factors in providing Nami with the required support.

Related article: Cardano Records Impressive Quarter with Surging TVL, Stablecoin Adoption, and DeFi Ranking

IOG Outlines Its Plans for Nami Wallet

With the recent transition to Input Output Global, Cardano’s engineering arm assures Nami Wallet users that no immediate action is necessary. They can continue to enjoy the same user-friendly features they have grown accustomed to within the wallet.

IOG has also unveiled its intentions to integrate Nami Wallet into its other products, enhancing its value to the Cardano community. The precise nature of these integrations remains undisclosed. IOG has characterized the acquisition of Nami Wallet as “a new chapter.”

Cardano Community Concerns About Monopoly

While the transfer of Nami Wallet to IOG aligns with Ales’ vision, it has raised concerns within the Cardano community. Many worry that this move could contribute to further centralization of the ecosystem.

Related also: Cardano: ADA Surges Towards $1 as Dormant Coins Resurface

Given IOG’s prominent position within Cardano and its wallet offerings, such as Daedalus and Yoroi, the addition of Nami Wallet might be seen as creating a “monopoly,” as noted by Cardano community member Dave. This acquisition could reduce competition in the Cardano ecosystem, limiting the variety of wallet options available.

In light of previous concerns related to centralization with Input Output Global’s involvement in the Cardano ecosystem, the community will closely monitor Nami Wallet’s evolution under its new stewardship.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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