Crypto Exchange Binance Acquires Decentralized Trust Wallet

Announcements, News | August 1, 2018 By:

Crypto exchange Binance has acquired ethereum mobile wallet Trust Wallet in an effort to give control back to its customers.

Launched in 2017, Binance is one of the world’s largest crypto exchanges by market capitalization. The company’s dedicated focus on security, and a loyal user base have made it one of the favorite trading platforms of casual and professional traders. The platform is capable of processing more than 1.4 million orders per second, making it one of the fastest exchanges in the world.

Trust Wallet, which supports ethereum and ERC20, ERC223 and ERC721 tokens, has built a reputation for security and has held itself to the guiding principles that it will never access user wallets, hold private keys, and ask for personal information.

The acquisition will enable Binance to add an on-chain mobile wallet to 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 decentralized exchange.

Changpeng Zhao, CEO of Binance, said that crypto 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. Zhao did not disclose how much the company paid for Trust Wallet, but he said the deal amounted to excellent value.

“Trust Wallet is an on-chain wallet, where user private keys are decentralized, ie, stored on user devices,” Zhao said. “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.”

Viktor Radchenko, founder of Trust Wallet, said that he is excited to join the Binance team because it means they can continue “to build great things and help dapps and tokens take over the world.”

“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,” said Radchenko. “This is a great partnership and we look forward to collaborating with the amazing team from Binance.”