Binance buys crypto startup Trust Wallet
According to the official statement, the transaction marks the first acquisition for Binance.
“The acquisition of Trust Wallet will add an on-chain mobile wallet to the list of Binance services with other future integration possibilities. The Trust Wallet brand and team will retain the autonomy and freedom to develop the core product while benefiting from the increased synergy from Binance, including the broad user base and the upcoming DEX”.
Trust Wallet is a secure, open source, decentralized and anonymous mobile wallet application for storing over 20,000 different Ethereum based tokens.
— Binance (@binance) July 31, 2018
Changpeng Zhao, CEO of Binance noted that wallets are the most fundamental interface to the crypto economy.
“Trust Wallet is simply the best in this category in my opinion. Trust Wallet is an on-chain wallet, where user private keys are decentralized, ie, stored on user devices. This compliments the centralized architecture of Binance nicely. Now we have the best of both worlds, and users have their choice… The team is small and highly effective and shares the same values as Binance. The combination of Trust Wallet’s team and product is the perfect epitome of what we look for in a great company”.
Fortune reports that the financial terms are not disclosed. At the same time it is reported that Trust Wallet will continue to operate as its own brand and that Binance would let the team operate with considerable independence.
I’m excited to join Binance team because it means we can continue to build great things and help dapps and tokens take over the world.
Thank you team for helping Trust – Ethereum Wallet be a better product and make a different in this world. https://t.co/V7YlGSMMVl
— Viktor Radchenko (@vikmeup) July 31, 2018
Let us remind that at the end of March Binance presented his plans about setting up operations in Malta “due to its existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework”. In July, Binance announced about launching Founders Bank at a €133 million euro pre-money valuation with digital-coin investors as founders.