Binance, the world’s largest cryptocurrency exchange by volume, has officially made its very first public acquisition: Trust Wallet – an anonymous mobile storage solution for Ethereum-based tokens.
Trust Wallet is a decentralized and anonymous mobile wallet application. It is designate to support Ethereum as well as upwards of 20,000 different tokens on the ERC20, ERC223, and ERC721 standards.
Binance announced July 31 that it has completed its first public acquisition. It would essentially enable the cryptocurrency exchange to add yet another service to its lineup, providing a mobile wallet to its customers.
Trust Wallet, on the other hand, will be able to take full advantage of the massive existing user base.
Speaking on the matter, Changpeng Zhao, CEO of Binance, highlighted the importance of wallets for the entire cryptocurrency economy and reiterated the high-quality service that Trust Wallet provides:
Wallets are the most fundamental interface to the crypto economy, and a secure and easy-to-use wallet is key to proliferate the adoption of cryptocurrencies. Trust Wallet is simply the best in this category in my opinion.
It’s also noteworthy that the decentralized nature of Trust Wallet compliments the centralized structure of Binance in a way which enhances user protection, according to Zhao.
Establishing a Fine Line
Despite the acquisition of Trust Wallet, Binance stated that it will not interfere in the company’s doings:
“The Trust Wallet brand and team will retain the autonomy and freedom to develop the core product while benefiting from the increased synergy from Binance, including the broad user base and the upcoming DEX,” the official announcement reads.
Speaking on the acquisition, Viktor Radchenko, founder of Trust Wallet, said:
This is an incredible opportunity for Trust Wallet to work with the biggest and the most respected exchange in the world, but we also feel as though we are aligning with a partner that shares a similar approach towards security and user management. […] This is a great partnership and we look forward to collaborating with the amazing team from Binance.
What do you think of Binance’s first public acquisition? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock; Bitcoinist Archives.
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Author: Georgi Georgiev