Cardano IOG Takes Over Popular Wallet, Nami, With 200,000+ Users

Input Output Global has become the official guardian of Nami Wallet, a popular browser-based wallet solution for the Cardano ecosystem.

One of the most popular wallets within the Cardano ecosystem has a new steward. On November 1, Input Output Global (IOG), Cardano’s research and engineering arm, added Nami Wallet to its family of products.

Introducing the latest addition to the IOG product family – @NamiWallet.

We’d like to extend a very warm welcome to all Nami users. And thank you @berry_ales for putting your faith in us to carry on what you so brilliantly started 🙏

Find out more: https://t.co/ibFotiI6zz

— Input Output (@InputOutputHK) November 1, 2023

Nami Wallet is a browser-based wallet extension that enables users to transfer ADA, stake assets, and connect with Cardano-based applications. Since launching in 2021, Nami Wallet has become a popular choice within the Cardano space, gathering over 200,000 users.

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However, Nami Wallet’s creator, Alessandro Konrad (more popularly known as Ales), notes that the application he built to solve a pressing need within the Cardano ecosystem at the time “surpassed” his expectations. The wallet has grown to a stage where it has become difficult for a sole creator to manage it.

Ales revealed he was caught between turning Nami Wallet into a venture or finding a capable steward for it. He decided to go with the latter choice.

“I couldn’t be happier with Nami finding its new home under IOG’s guidance. They possess the necessary resources and expertise to provide Nami with the support it has long needed,” Ales said in the official announcement.

IOG Outline Plans for Nami Wallet

Following the latest takeover by Input Output Global, Cardano’s engineering arm confirmed that Nami Wallet users currently do not have to take any action. Instead, they will continue to enjoy the same user-friendly features that they have come to love in the wallet.

IOG further disclosed plans to integrate Nami Wallet across its other products to make it more valuable to the Cardano community. The exact nature of the integrations is unknown at this stage. Notably, IOG described its Nami Wallet acquisition as “a new chapter.”

Cardano Community Worried About Monopoly

Although transferring Nami Wallet to IOG is logical for the product, given Ales’ concerns, many in the Cardano community expressed concern that the move would further centralize the ecosystem. 

With IOG being a key leader within Cardano and offering its own wallet solutions, such as Daedulus and Lace, adding Nami Wallet creates a “monopoly,” according to X user Dave. IOG will have less competition following the acquisition, depriving the Cardano ecosystem of more wallet options.

Given other similar cries of centralization with Input Output Global’s involvement within the Cardano ecosystem, the community will remain keen to see Nami Wallet’s evolution under the oversight of its new steward.