The largest cryptocurrency exchange has acquired one of the most popular crypto wallets
Binance, one of the world’s largest cryptocurrency exchanges, has announced the acquisition of Trust Wallet, a popular Ethereum and ERC20 mobile wallet and decentralized application browser that has built a strong reputation for security by never requesting user data or private information. This transaction marks the first acquisition for Binance and indicates the importance of secure wallet technology for the next wave of crypto adoption.
Trust Wallet is a secure, open source, decentralized and anonymous mobile wallet application for storing over 20,000 different Ethereum based tokens and has seen significant user adoption since its launch in November 2017. 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.
Viktor Radchenko, the founder of Trust Wallet, described why he started the project: “I started working on Trust Wallet because app stores did not have any open source wallets for Ethereum and ERC20 tokens. Our focus has always been on building better interface for storing and accessing funds, as well as laying the infrastructure for other developers to build dapps.”
“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 decentralized, ie, stored on user devices. This compliments the centralized architecture of Binance nicely. Now we have the best of both worlds, and users have their choice,” said Changpeng Zhao, CEO of Binance. “Viktor and the Trust team are product and user focused. The team is small and highly effective and shares the same values as Binance. The combination of Trust Wallet’s team and product is the perfect epitome of what we look for in a great company.”
The acquisition of Trust Wallet will add an on-chain mobile wallet to the list of Binance services with other future integration possibilities. 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.
Binance was launched in 2017 and grew to become the world’s largest cryptocurrency exchange in just six months. Its best-in-class technology, dedicated focus on security, and a loyal user base have made Binance one of the favorite trading platforms of casual and professional traders. More recently, Binance launched Binance Labs, Binance Charity Foundation, and Uganda’s first fiat-crypto exchange.
