Binance buys crypto startup Trust Wallet

July 31, 2018


Binance buys crypto startup Trust Wallet

Binance, the world’s largest cryptocurrency exchange by traded value acquired Trust Wallet, an Ethereum and ERC20 mobile wallet and decentralized application browser.

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.

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.