Leading cryptocurrency exchange Binance has acquired Trust Wallet, a secure mobile wallet for Ethereum-based tokens. It is Binance's first ever public acquisition. Launched in November 2017, Trust Wallet is an open source, decentralized and anonymous mobile wallet application that supports Ethereum and over 20,000 different Ethereum based tokens (ERC20, ERC223, and ERC721).
While the deal details are not officially disclosed, Binance has reportedly paid in a mixture of fiat money, Binance stocks, and its own BNB token. The Trust Wallet brand and team will retain the autonomy while benefiting from the increased synergy from Binance. Trust Wallet doesn’t access user wallets or hold private keys or ask for users' personal information, Binance said.
The founder of Trust Wallet, Viktor Radchenko (@vikmeup) tweeted:
"I'm excited to join Binance team because it means we can continue to build great things and help dapps and tokens take over the world. Thank you team for helping Trust - Ethereum Wallet be a better product and make a difference in this world."
Changpeng Zhao, popularly known as CZ, the founder and CEO of Binance, [CZ (not giving crypto away) @cz_binance] tweeted:
"[Trust Wallet] A secure, easy to use, on-chain mobile wallet with full dapp support. The next gen mobile wallet begins."
Malta-based Binance has been in the news lately and in a good way. Having started off in July 2017, the company is already expecting its profits to reach $1 billion in 2018. Also, Binance CEO Changpeng Zhao is likely seeing a Bull Run in crypto markets during September-December of this year.