Described as a “secure and intuitive mobile wallet,” Binance hope that by integrating its features it will be able to “provide a better service and to enhance the safety for all of our users.” The wallet supports Ethereum and Ethereum-based tokens and is open source, decentralized and anonymous. In its statement Binance says that after the on-chain mobile wallet is added to its services there may be “other future integration possibilities.”
For Binance the acquisition demonstrates “the importance of secure wallet technology for the future development of cryptocurrency as a whole.” Zhao Changpeng, the exchange’s CEO, said that, “now we have both a decentralized and centralized solution for custody” whereby “users control 100 percent of their funds.”
Launched in November 2017, Trust Wallet has gained a reputation for maintaining its users’ privacy. Among its guiding principles are that it will never “access user wallets, hold private keys, and ask for personal information.”
Under the terms of the deal the Trust Wallet brand will be maintained and the original team will continue to work on the product. The purchase price paid by Binance has not been revealed.
Trust Wallet Founder Viktor Radchenko described the deal as an “incredible opportunity” as Binance was not only “the biggest and the most respected exchange in the world” but also shared “a similar approach towards security and user management.”
By any standards Binance has had an extraordinarily successful first year in business, growing from a standing start to become one of the world’s most popular crypto-exchanges. It may have taken the company a year to make its first acquisition, but no one is expecting another twelve months to go by before it makes its second.
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