Binance Exchange is Acquiring Cryptocurrency Wallet Provider Trust Wallet

Binance is Buying Crypto Wallet Provider Trust Wallet

Binance, one of the world’s largest crypto exchanges, just made its first acquisition. The company is purchasing crypto wallet provider and decentralized application browser Trust Wallet.

As reported by Bloomberg, Binance did not disclose the terms of the deal.

Trust Wallet was launched in November 2017, allowing users to store more than 20,000 different Ethereum-based digital tokens, including ERC20, ERC223 and ERC721 coins. The firm has 10 employees.

One of the reasons users like Trust Wallet – in addition to its acceptance of different coins – is the fact that it doesn’t collect a lot of user data. In addition, users are in complete control of their funds.

This is a big deal for Binance. Traditionally, exchanges hold customer tokens in the exchange’s own servers and wallets. It’s a less-than-ideal solution where customers don’t technically own their funds until they withdraw, but they can easily sell or trade those funds on the exchange. By acquiring Trust Wallet, Binance could allow users to remain in 100% control of their funds while trading on Binance.

“The users control 100 percent of their funds,” explained Binance CEO Zhao Changpeng in an interview earlier today. “Now we have both a decentralized and centralized solution for custody.”

So yes, it appears Binance will offer Trust Wallet to its existing users, allowing users to choose whether they want to store funds in Binance’s centralized servers or in Trust Wallet’s decentralized, user-controlled storage.

Trust Wallet doesn’t access user wallets or hold private keys, making it a truly decentralized wallet. Instead, all keys are stored on your own device. Trust Wallet may, however, collect basic information from customers, including their public wallet addresses, contact information, and social media handles.

Trust Wallet had initially scheduled a token sale for June 2018. They later canceled that token sale due to legal risks.

Overall, Trust Wallet has built a name as one of the most secure wallets in the space, and Binance is clearly excited about the acquisition:

“The company 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 Trust Wallet brand and team will retain the autonomy and freedom to develop the core product while benefiting from the increased synergy from Binance.”

The deal is not expected to be overly expensive, as Trust Wallet does not have a lot of users.

This is the first acquisition made by Binance. However, it won’t be the last: Zhao claims Binance is “in early-stage talks” with a few other acquisition targets.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,478FansLike
2,795FollowersFollow
4,196FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DeFi Frenzy Drives Combined Market Cap of ERC-20 Tokens to Surpass ETH

The overall valuation of tokens built on top of Ethereum blockchain, especially the most popular ERC-20 tokens, has surpassed the value of ETH itself. The...

Chainlink Is Back On The Move, Is it Time to Sell LINK?

The 10th largest cryptocurrency by market cap of $2.58 billion has been enjoying gains for well over a year now. Chainlink has been performing...

US Army Investigative Unit Calls For A ‘Ready' Web-Based Crypto Tracking Application

The U.S Army is looking for a web-based application to help investigate cryptocurrency transactions and transfers, helping in cybercrime investigations. The Investigative Unit of...

Zcash Counts Down to Major Upgrade to increase Privacy and Efficiency

In less than two days, Zcash will have its fourth major network upgrade called Heartwood. This upgrade will be activated at block 903000, which...

Polkadot Holders Votes Could Scale DOT Token Supply by 1000x; A 100x Increase Leads the Polls

The Polkadot community can now vote on a redenomination proposal for its platform’s native token, DOT, which is set to see its supply increase....

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today