Binance bags Trust Wallet in first acquisition: “Now we have the best of both worlds”
Binance, one of the world’s top crypto exchanges, on Tuesday said it bought Trust Wallet – a digital Ethereum and ERC20 mobile wallet. This deal, which makes Trust Wallet the exchange’s official wallet, is Binance’s first ever acquisition.
The financial terms of the deal were not disclosed. Under the deal, Trust Wallet will retain its autonomy and its team will continue to develop its core product.
— Binance (@binance) July 31, 2018
The wallet will benefit from Binance’s large user base and the much-awaited decentralized exchange that the platform will soon launch.
“Trust Wallet is an on-chain wallet, where user private keys are decentralized, i.e., 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,” Changpeng Zhao, CEO of Binance, said in a statement.
Zhao said that wallets that were secure and user-friendly would lead to increased adoption of digital assets, adding that in his opinion, Trust Wallet was “simply the best in this category”.
“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.
Why is Trust Wallet so secure?
The exchange chose this particular crypto wallet on account of its strong security, since it does not request private information from its users.
This wallet allows a user to have complete control over his/her private key, which is stored only on the users’s device and is protected with many layers of security.
Moreover, the company has also developed the Trust Browser, which is a Web3 browser that allows users to interact with any decentralized application.
The wallet is also available on decentralized exchanges such as Kyber Network, Changelly and DDEX. Currently, the application has more than 50,000 downloads on Google Play Store