Binance Buys Trust Wallet to Boost Safety

With its first acquisition, Binance is expanding the services for its clients and enhances security.

by Nina Dimitrova
01 August • 2 mins
In News

Binance, one of the leading cryptocurrency exchanges, announced it has completed the acquisition of the mobile Ethereum wallet app Trust Wallet.

 

Acording to Binance’s statement, the aim of the exchange is to provide a better service and to enhance safety for its clients. The acquisition of Trust Wallet will expand the offering of Binance and will add an on-chain mobile wallet. There is also an option for future integrations.

 

“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, they are 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.”

 

At the same time, the Trust Wallet team will retain its autonomy and freedom to develop and expand their core product, while benefiting from the partnership with Binance.

 

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,” said Viktor Radchenko, the founder of Trust Wallet.

 

Trust Wallet was launched in November 2017. It is an open source decentralized and anonymous mobile wallet app that supports the Ethereum blockchain and more than 20 000 Ethereum-based tokens (on the ERC20, ERC223 and ERC721 protocols). Trust Wallet has a reputation for being secure and promises it will never access user wallets, hold private keys or ask for personal information.

 

Binance is one of the largest cryptocurrency exchanges by volume. It was launched in July 2017 and within a few months shot to the top positions. Initially Binance was based in China, but earlier this year moved shop to Malta. The platform supports over a million transactions per second and offers around 300 coins and tokens for trading.