Binance announces its first-ever acquisition – Trust Wallet

On 31st July, one of the world’s largest cryptocurrency exchanges, Binance announced the acquisition of the Trust Wallet and brought its customer-base an increased amount of control over their digital assets. Trust Wallet is an Ethereum-based mobile wallet for Ethereum, ERC20 and ERC223 tokens.

According to the Founder and CEO of Binance, Changpeng Zhao “CZ”, Trust Wallet is not as huge a product as several other wallets such as Blockfolio or Delta but is a ‘diamond in the dirt’. He was also found stating in an interview that the wallet app will not undergo too many changes but will be enhanced with a few new features.

Trust Wallet is not even a year young and was launched only in November, last year. Binance also conveyed that Trust Wallet provides a crypto-wallet along with a decentralized application browser that does not collect an intensive amount of data. CZ also said:

“Now we have both a decentralized and centralized solution for custody.”

In another statement, it was also mentioned by CZ that the two platforms, Binance and Trust Wallet app are compatible and will complement each other and the requirements of their customer base. Moreover, the two share the same values.

The wallet app is also known for its technical excellence. Earlier, Trust Wallet planned to raise funds through an ICO. Surprisingly enough, they returned all the money to their investors about a month back.

The CEO of Trust Wallet, Viktor Radchenko, in an interview, said that he is primarily a problem solver and more interested in enhancing the product and developing it. He added:

“I never liked dealing with investors and money people, it is so much hassle.”

Earlier, Binance’s CEO had also expressed that his firm’s development via the acquisition of companies was always an idea but was unable to find the right fit. He further explained that Binance has ‘very specific requirements’, such as speed or even better, an ‘ultra-fast blockchain’.

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