Cryptocurrency exchange Binance announced on Tuesday it has acquired Ethereum and ERC20 mobile wallet and decentralized application browser Trust Wallet. Binance reported that this transaction marks its first acquisition and indicates the “importance” of secure wallet technology for the next wave of crypto adoption.
Founded in 2017, Trust Wallet is described as a secure, open source, decentralized and anonymous mobile wallet application for storing more than 20,000 different Ethereum-based tokens. While sharing more details about the company’s growth and development, Viktor Radchenko, the founder of Trust Wallet, stated:
“I started working on Trust Wallet because app stores did not have any open source wallets for Ethereum and ERC20 tokens. Our focus have always been on building better interface for storing and accessing funds, as well as laying the infrastructure for other developers to build dapps.”
Speaking about the acquisition, Changpeng Zhao, CEO of Binance, revealed:
“Wallets are the most fundamental interface to the crypto economy, and a secure and easy-to-use wallet is key to proliferate the adoption of cryptocurrencies. 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. Viktor and the Trust team are product and user focused. 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.”
Binance also reported that the acquisition of Trust Wallet will add an on-chain mobile wallet to the list of its 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. Radchenko then added:
“This is an incredible opportunity for Trust Wallet to work with the biggest and the most respected exchange in the world, but we also feel as though we are aligning with a partner that shares a similar approach towards security and user management. This is a great partnership and we look forward to collaborating with the amazing team from Binance.”