In its first public acquisition, leading cryptocurrency exchange Binance has acquired Trust Wallet.
Having launched in November 2017 and grown rapidly since, Trust Wallet is an anonymous wallet for Ethereum [ETH] and more than 2,000 other Ethereum-based tokens, including ERC20, ERC223 and ERC721 standard tokens.
A statement from Binance regarding the acquisition read
“The acquisition of Trust Wallet will add an on-chain mobile wallet to the list of Binance services with other future integration possibilities.”
Trust Wallet’s excellent reputation for security and anonymity, gels well with Binance’s goal of further improving security and services for its users.
Use of Trust Wallet is likely to grow massively because of Binance’s expansive user base and soon-to-launch Decentralized Exchange (DEX).
The Binance team say that they intend to keep Trust Wallet a truly anonymous wallet – stressing that users do not need to give personal information, and that the company does not have access to users’ wallets.
Founder of Trust Wallet, Viktor Radchenko, commented:
“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.”
Malta-based Binance joins other big cryptocurrency players like Coinbase and Huobi in embarking on mergers, acquisitions and partnerships to grow, as the crypto industry in general expands at warp speed.