Mycelium provides one of the oldest, most popular, and feature-rich bitcoin wallets on offer. The company’s latest estimate is close to 200,000 active wallet users, with over 157,570 installs from Google Play, and about 150,000 more from alternative platforms in China.
The main reason that this dark-themed wallet stood out from the crowd before now is security. Bitcoin private keys never leave the user’s control, unlike popular competing apps from Coinbase and Circle.
The wallet also includes a range of services, like a way to buy and sell bitcoins from inside the app, a local trader marketplace, hardware wallet support, and even a secure chat app.
An upcoming “massive upgrade” promises to “make it useful for everybody,” and includes the ability to hold, send, and receive tokenized versions of fiat currencies, such as US dollars and Japanese Yen.
Users will have to buy fiat-backed tokens from a gateway first, which could be any bank or exchange that is configured and licensed to sell them. Tether, Counterparty, Monetas, Ripple, and Stellar already tokenize a range of such assets. Surprisingly, Mycelium chose to partner with a relative unknown service, the WAVES Platform; a European startup run by Sashsa Ivanov, formerly of Coinoindex.
Forex trading in the cryptocoin space is typically a multiple-step process. Each exchange, such as BitFinex or Shapeshift, required a tokenized national fiat, like Tether’s USD token, to be exchanged for bitcoin before moving into a different fiat currency. WAVES claims one important advantage over the other platforms; tokens can be traded directly for other tokens on their website-based exchange, not just for a cryptocurrency like Bitcoin.