In Its First Public Acquisition, Binance Buys Decentralized Trust Wallet

Major crypto exchange Binance has made its first public acquisition, having bought Trust Wallet, according to an announcement July 31. Launched in 2017, U.S.-based Trust Wallet is an open source, anonymous, and decentralized wallet that supports Ethereum (ETH) and over 20,000 different Ethereum-based tokens (ERC20, ERC223, and ERC721).

While the details of the deal are not disclosed, Binance told TechCrunch that it paid in a mixture of fiat money, Binance stocks, and its own BNB token. Trust Wallet will remain autonomous in most of its operations, while Binance will help with administration and work on marketing development.

Binance CEO Changpeng “CZ” Zhao stressed that Trust Wallet is a strong team in terms of technical knowledge, but requires assistance with their marketing strategy:

“They haven’t done much marketing which is where we can help. They are strong technically but don’t like doing marketing, HR etc… now merging with us they don’t have to worry about money.”

Apart from boosting the service’s business development, Binance plans to list Trust Wallet as a default wallet on the highly-anticipated Binance decentralized exchange. Zhao said that Binance is considering further acquisitions:

“We’re looking for strong tech teams. Acquisition will be a very key component to continuing to grow and contributing to this industry.”

Trust Wallet founder Viktor Radchenko lauded the acquisition as an opportunity to return to focusing on developing the app and technology. Radchenko said, “Having resources will help us grow quicker and so I can focus on adoption for the users that don’t even have wallets.”

Trust Wallet had previously announced the registration for its token sale, but subsequently cancelled it, citing lack of regulation in the market, which makes it “challenging to complete [the] vision without some serious sacrifices with safety.”

The company added that the token sale, “force[d] us to focus more on a tokenized economy and less on product development — something that made Trust a great product in the first place.”

Malta-based Binance is the second largest cryptocurrency exchange by trade volume at press time. Having recorded about $300 million revenue by July, the company is expecting profits to reach $1 billion in 2018.

Author: Cointelegraph By Helen Partz

Source link

Related posts

12 Thoughts to “In Its First Public Acquisition, Binance Buys Decentralized Trust Wallet”

  1. I like the helpful info you provide in your articles. I will bookmark your weblog and check again here regularly.

  2. What’s up, after reading this awesome piece

  3. I like the helpful info you provide in your articles. I will bookmark your weblog and check again here regularly.

  4. sound like you know what you?re talking about! Thanks

  5. I like the helpful info you provide in your articles. I will bookmark your weblog and check again here regularly.

  6. [My Wedding] 訂婚 我的全方位無可挑剔造型師?.新秘♥︎Sarah 范姜汶軒 @ 潮流、美妝、消費 創造個人化風格的女性社群 PIXstyleMe [My Wedding] 訂婚 我的全方位無可挑剔造型師?.新秘♥︎Sarah 范姜汶軒

  7. Even by the extraordinary standards Newcastle United have set this season, Joe Kinnear’s first and last press conference was a stormer. The former Crazy Gang boss is now officially in charge of the craziest club in the world, and to mark the occasion, he decided to go completely crazy. LISTEN HERE: Newcastle boss Kinnear’s crazy swearing session was special even by his charming standards

  8. The Wales players wrote their names into the history books on Saturday night as they sealed their place at Euro 2016 despite falling to defeat against Bosnia. Read back over the LIVE coverage here. Bosnia 2-0 Wales Euro 2016 qualifier RESULT: Gareth Bale and Co qualify for finals in France despite defeat

  9. Claudio Ranieri has been sacked as Greece coach following their shock 1-0 defeat to the Faroe Islands in a Euro 2016 qualifier on Friday night. The 63-year-old had been in charge for just four months. Claudio Ranieri sacked as manager of Greece following shock defeat to Faroe Islands in Euro 2016 qualifier

Leave a Comment