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Binance acquires cryptocurrency wallet provider trust wallet
Binance has entered the mergers and acquisitions {M&A} space for the first time, Choosing to buy cryptocurrency wallet provider and decentralised-application browser.
Trust wallet is launched in November 2017 and enjoys a reputation for secu arity by never requesting user data or private information, as Binance CEO, ZHAO CHANGPENG told Blooberg.
Speech from ZAHO CHANGPENG.
"The users control 100% of their funds. Now we have both a decentralised and centralised solution for custody."
With this deal, Binance will add an on-chain mobile wallet to the list of the operator's services possibilities. The acquired company will maintain an autonomous brand, which is free to develop the core product and explore the exchanges broad user base and the upcoming decentralised exchange.
Mobile wallet give customers the ability to store over 20,000 different Ethereum-based tokens. It's guiding principles state they will never access user wallets, hold private keys, or ask personal information from users. Binance has the best of both worlds,
According to ZAHO CHANGPENG
"Wallets are the most fundamental interface to the Crypto economy, and a secure and easy-to-use wallet is a key to proliferate the adoption of Cryptocurrencies."
CHANGPENG says trusted wallet is simply the best category. Trust wallet is an on-chain wallet, where user private keys are decentralised ie. Stored in user devices.
Now we have the best of both worlds, and user have their choice.
"Binance probes cryptocurrency ecosystem for more M&A deals."
ZHAO told Bloomberg that the aquisition of trust wallet was not highly priced and that the Cryptocurrency wallet provider does not have a lot of users which indicates the Binance value its core technology. The virtual currency operator is said to be probing the maket for more deals and it is in early-stage talks with other companies.
Binance who celebrated first year of operations on 14th july.
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