Binance acquires Trust Wallet for undisclosed sum

August 01, 2018
Chris Wheal

Binance, the Hong Kong-based cryptocurreny exchange, has made its first pubic acquisition, after buying Trust Wallet, for an undisclosed sum.

Binance buys Trust Wallet

The world’s biggest crypto exchange by traded volume announced on its website blog late on Tuesday that it had purchased the open source, decentralized and anonymous mobile wallet application that supports Ethereum and more than 20,000 other Ethereum-based tokens.

TechCrunch reported that Binance had paid for the acquisitions using a mix of fiat currency, Binance stocks and its own BNB token.

“Through this acquisition, Binance aims to provide a better service and to enhance the safety for all of our users,” the blog message said.

Autonomy retained

It said the Trust Wallet brand and team would retain their autonomy from Binance, leaving the company “free to develop the core product, while benefiting from the increased synergy from Binance.

Changpeng Zhao, Binance chief executive, explained further: “They haven’t done much marketing, which is where we can help. They are strong technically, but don’t like doing marketing, human resources, etc – by merging with us, they don’t have worry about money.”

Security

The announcement on Binance’s blog site added that Trust Wallet had a strong reputation for security.

The statement concluded: “As a technology driven company, Binance‚Äôs acquisition of Trust Wallet shows the importance of secure wallet technology for the future development of cryptocurrency as a whole.”

Trust Wallet said in a Twitter announcement: “Thrilled to announce that Trust Wallet is becoming a part of Binance. Our focus and goal will remain the same – building a great product for our users.”

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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