Binance Makes Trust Wallet its First Major Acquisition

Binance cryptocurrency exchange has acquired Trust Wallet, an anonymous wallet for ethereum token. The exchange released a statement to its community on Tuesday where it announced that it had completed the acquisition which its stated was its first public acquisition.

Launched in November 2017, Trust Wallet is a secure and anonymous mobile wallet that supports Ethereum [ETH] and over 20,000 different Ethereum based-tokens like ERC20, ERC223, and ERC721 standard tokens. The Wallet was launched in November 2017 and has experienced remarkable growth in its user-base.

Binance to provide Anonymous Wallet Service

Firstly, Binance will add a mobile wallet to its list of crypto services. “The acquisition of Trust Wallet will add an on-chain mobile wallet to the list of Binance services with other future integration possibilities,” The statement read.

Also, the Binance team noted that the Wallet which has built a reputation for security and anonymity will help Binance to enhance the safety for all of its users while providing better services.

As an anonymous wallet, Trust Wallet does not require users’ personal information neither does it have access to user wallet. And Binance promised that it will not interfere with the development of the Trust Wallet. On the contrary, The Wallet will benefit from Binance’s wide user base and its upcoming Decentralized Exchange (DEX).

Commenting on the acquisition, founder of Trust Wallet Viktor Radchenko 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.”

As the cryptocurrency space is growing fast, major operators like Coinbase and Huobi have resorted to mergers, acquisitions, and partnerships to grow their crypto empire. Binance is now the latest to make a public acquisition.

Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.


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