Cryptocurrency exchange Binance has acquired Trust Wallet, a mobile wallet provider.
Launched in November last year, Trust Wallet is a decentralised wallet that enables users to store more than 20,000 different Ethereum based tokens (ERC20, ERC223 and ERC721). The company does not access users’ wallets or hold private keys. This ensures optimum security, offering users complete control over their funds.
The deal represents Binance’s first acquisition, through which the firm plans to enhance all its services. With security in mind, Binance will increase the operational safety of transactions.
Crypto economy secure with Wallets
Binance CEO Changpeng Zhao said: “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.
“Trust Wallet is an on-chain wallet, where user private keys are decentralised, ie, stored on user devices. This compliments the centralised architecture of Binance nicely. Now we have the best of both worlds, and users have their choice.”
The Trust Wallet team will continue to operate independently, retaining the autonomy to develop the core product.
Trust Wallet founder 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.”
Financial terms of the transaction were not disclosed.