Cryptocurrency exchange Binance has acquired mobile ethereum wallet Trust Wallet, the startups announced Tuesday.
The acquisition will enable Binance to add a mobile wallet to its services, while Trust Wallet will be able to tap into advantages offered by the exchange, including both its existing user base and a proposed decentralized exchange, according to a press release.
Although Trust Wallet has been acquired, its team will continue operating autonomously, the founders said.
Compatible with ethereum-based tokens, the platform is open-source, decentralized and anonymous, and is capable of storing more than 20,000 crypto assets.
“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,” Binance CEO Changpeng Zhao said in a statement.
He further told CoinDesk in an email:
“We want to keep Trust Wallet as an independent brand and product. It’s still the team’s baby. We are like a godfather. In fact, we plan to move more services to Trust Wallet, such as tight integration with our decentralized exchange Binance Chain..”
Part of the decision to acquire Trust Wallet comes from the fact that the platform does not request user data or other private information. As a result, the platform “has built a strong reputation for security,” the release claims.
Trust Wallet founder Viktor Radchenko said he started the project to fill a need for an open-source ethereum wallet to form part of the infrastructure helping other developers build decentralized applications going forward.
“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,” he said in a statement.
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Author: Nikhilesh De