Google To Remove All Crypto Mining Extensions From Chrome's Store

  • Google is removing all cryptocurrency mining extensions from its Chrome web store, as about 90% extensions fail to comply with policies
  • Google's move follows a ban on cryptocurrency-related ads, enacted by various tech platforms.

Google is going a step further in improving user experience on its Chrome browser. After recently announcing a ban on crypto-related ads, the company has now publicised it will remove cryptocurrency mining extensions from its Chrome Web Store.

Crypto Mining Extensions To Be Removed

On April 3, the tech company announced that it would block all Chrome browser extensions mining cryptocurrencies with user's machines. Google has in the past taken down few illicit extensions that secretly drained victims' hardware resources without their consent.

The company's announcement stated:  

“Until now, Chrome Web Store policy has permitted cryptocurrency mining in extensions as long as it is the extension’s single purpose, and the user is adequately informed about the mining behavior. Unfortunately, approximately 90% of all extensions with mining scripts that developers have attempted to upload to Chrome Web Store have failed to comply with these policies, and have been either rejected or removed from the store,”

Google

Extensions related to blockchain technology and cryptocurrencies, other than mining, fall under the standard quota and will be permitted in the Chrome web store.  All existing crypto mining focused extensions will be delisted by July this year.

Google Takes Action Against Cryptojacking

Over the past few months, cryptojacking incidents shot up, forcing some browsers to develop tools that prevent illicit mining scripts from using user's computer resources. Because of minor failures in Chrome's Web store policies, developers have managed to deploy their illicit mining extensions on Google Chrome, one of the world's most popular web browsers. James Wagner, Google’s Extension Platform product manager, said:

“The key to maintaining a healthy extensions ecosystem is to keep the platform open and flexible. This empowers our developers to build creative and innovative customizations for Chrome browser users.”

Google Extension Product Manager

Recently, various tech companies banned crypto related ads from their platforms. These include Facebook, Linkedin, Twitter, and Snapchat. MailChimp - a popular email marketing platform - was the latest one banning crypto ads, reportedly to protect its users from fraudulent activities floating in the crypto space.

Cryptojacking hasn't just been a problem for users.  Large companies and government organizations throughout the world have fallen prey to it. Recently, Tesla’s cloud system was hijacked to mine, and even Google’s DoubleClick Ad Service was used as a vehicle.

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Cryptocompare, MVIS Power New Crypto-Asset Index for Institutional Investors in Japan

MV Index Solutions (MVIS) and leading digital asset data provider CryptoCompare are powering a new cryptoasset index - the NRI/IU Crypto-Asset Index” - which is designed for institutional investors in Japan.

According to a press release, the index is the result of a collaboration between MVIS and Intelligence Unit (IU), a global provider of quantitative research and development for cryptocurrency investment solutions, with the Nomura Research Institute (NRI), a leading provider of consulting services and system solutions.

The NRI/IU Crypto-Asset Index is reportedly the first cryptoasset benchmark for institutional investors in Japan and offers Japanese financial instructions and global investors an investment solution for the cryptocurrency space. 

Providing investors a reference point to evaluate the performance of various cryptocurrency through transparent benchmarks, it includes the following cryptocurrencies: bitcoin, bitcoin cash, ether, litecoin, and XRP. Akihiro Niimi, CEO of Intelligence Unit, noted in the press release demand from institutions has been helping cryptoasset funds grow:

Strong demand from institutional investors is contributing to the growth of crypto-asset funds, and well-diversified products like index funds are attractive as alternative investments. We will bridge the traditional financial world and the crypto-asset world by providing institutional grade crypto-asset benchmarks, further establishing the status of crypto-assets as alternative investments.

Thomas Kettner, MVIS’ managing director, said the firm is happy to offer its services in the Japanese market, while CryptoCompare’s co-founder and CEO Charles Hayter said the firm is excited to “offer institutional investors in Japan the first crypto-asset investible index.”

As CryptoGlobe recently reported, cryptoasset manager Grayscale Investments has had a record-breaking 2019, with inflows of $600 million. In its investment report, Grayscale revealed 71% of its investors were institutions like hedge funds, and that 24% of the $600 million came from new investors.

A survey conducted by Greenwich Associates for Fidelity Investments last year revealed 47% of institutional investors believe cryptocurrencies are worth investing in.

Featured image by M. B. M. on Unsplash.