Binance Acquires Trust Wallet - A Popular Mobile Crypto Wallet
Jul. 31, 2018
MALTA--(BUSINESS WIRE)--Jul 31, 2018--Binance, one of the world’s largest cryptocurrency exchanges, has announced the acquisition of Trust Wallet, a popular Ethereum and ERC20 mobile wallet and decentralized application browser that has built a strong reputation for security by never requesting user data or private information. This transaction marks the first acquisition for Binance and indicates the importance of secure wallet technology for the next wave of crypto adoption.
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Changpeng Zhao, CEO of Binance, with Viktor Radchenko, Founder of Trust Wallet (Photo: Business Wire)
Trust Wallet is a secure, open source, decentralized and anonymous mobile wallet application for storing over 20,000 different Ethereum based tokens and has seen significant user adoption since its launch in November 2017. 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.
Viktor Radchenko, the founder of Trust Wallet, described why he started the project: “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.”
“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,” said Changpeng Zhao, CEO of Binance. “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.”
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.
“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.”
Binance was launched in 2017 and grew to become the world’s largest cryptocurrency exchange in just six months. Its best-in-class technology, dedicated focus on security, and a loyal user base have made Binance one of the favorite trading platforms of casual and professional traders. More recently, Binance launched Binance Labs, Binance Charity Foundation, and Uganda ’s first fiat-crypto exchange.
About Trust Wallet
Trust Wallet is a secure mobile Ethereum wallet that supports Ethereum and ERC20, ERC223 and ERC721 tokens. It provides a fully security audited system to send, receive and store digital assets. With Trust Wallet you have complete control over your private keys that are only stored on your device. Trust Browser is a full-fledged Web3 browser that allows you to interact with decentralized applications (DApp) directly from the app.
Binance is a blockchain ecosystem comprised of Exchange, Labs, Launchpad, Info and Charity Foundation. Binance Exchange is one of the fastest growing and most popular cryptocurrency exchanges in the world. Founded by a team of fintech and crypto experts — it is capable of processing more than 1.4 million orders per second, making it one of the fastest exchanges in the world. The platform focuses on security, robustness, and execution speed — attracting enthusiasts and professional traders alike. www.binance.com
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PUB: 07/31/2018 12:04 PM/DISC: 07/31/2018 12:04 PM