Binance Expands Crypto Services Acquiring Ethereum’s Trust Wallet

News and Analysis

Binance, the world’s leading crypto exchange, has made its first public acquisition, having bought a decentralized Trust Wallet. Announced on Tuesday, July 31, the Trust Wallet acquisition is made with the aim “to provide a better service” and “to enhance the safety” for all of its users.

Trust Wallet is a decentralized wallet service for digital tokens that also serves as a browser for so-called decentralized applications. It allows users to hold Ethereum, and over 20,000 different Ethereum based tokens.

Launched in November 2017 by Viktor Radchenko, Trust Wallet has already built a reputation for security and has held itself to the guiding principles of never accessing user wallets, holding private keys, and asking for personal information.

According to Binance CEO Zhao Changpeng, the acquisition is a way for Binance to offer its customers a decentralized way to store their cryptocurrency.

“We’re looking for strong tech teams. Acquisition will be a very key component to continuing to grow and contributing to this industry.”

Viktor Radchenko said he was excited to join Binance team “because it means we can continue to build great things and help dapps and tokens take over the world”.

Meanwhile Zhao Changpeng stressed that Trust Wallet would continue to operate as its own brand and that Binance would let the team operate with considerable independence.

“The users control 100 percent of their funds. Now we have both a decentralized and centralized solution for custody.”

Zhao said that Binance had considered buying companies to accelerate the development of its decentralized exchange, but it wasn’t able to identify the right match.

“Our requirements are very specific, we are looking for speed, there’s no need for fancy smart contracts. We didn’t find the right match for an acquisition [but are] still very open to someone who makes an ultra-fast blockchain.”

Earlier this summer, Binance announced its plans to offer traders the ability to trade cryptocurrencies for euros with other fiat currency trading pairs in the works.

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