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Binance Acquires Ethereum Service Trust Wallet

By

Tim

Prentiss

WriterETHNews.com

Cryptocurrency exchange Binance announced today it acquired Trust Wallet, developer of the Ethereum-compatible wallet of the same name.

On July 31, Binance announced its acquisition of Trust Wallet, claiming the move "will add an on-chain mobile wallet to the list of Binance services with other future integration possibilities." 

Both Binance and Trust Wallet also announced the acquisition via Twitter.

According to TechCrunch, Binance purchased the company with a combination of cash, stock, and BNB tokens. However, the amount Binance paid was not disclosed.

While this is the first public acquisition for Binance, the company seems to be in a period of expansion. Last month, it announced a $1 billion dollar investment fund as well as a fiat-crypto exchange in Uganda.

Trust Wallet launched in November 2017 and supports all ERC20, ERC721, and ERC223 standard-based tokens. According to the announcement:

"The company has built a reputation for security and has held itself to the guiding principles that it will never access user wallets, hold private keys, and ask for personal information."

Binance claims Trust Wallet "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 decentralized exchange (DEX) referred to, Binance Chain, was first announced in March and, at that time, was expected to launch in September of this year. In a Bloomberg article, Binance CEO Changpeng Zhao claimed the exchange will exert almost no control over coins listed on DEX, or who posts them.

According to Trust Wallet founder Viktor Radchenko, the company is planning to expand the service beyond Ethereum, adding support for bitcoin, EOS, and NEO.

Tim Prentiss

Tim Prentiss is a writer and editor for ETHNews. He has a master’s degree in journalism from the University of Nevada, Reno. He lives in Reno with his daughter. In his spare time he writes songs and disassembles perfectly good electronic devices.

ETHNews is committed to its Editorial Policy

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