Cryptocurrency exchange Binance acquires Trust Wallet

Binance, the second largest cryptocurrency exchange in terms of 24-hour trading volume, has acquired Trust Wallet, a secure and intuitive mobile wallet.

Founded in 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).

The acquisition will help Binance improve its services and enhance safety for users. According to the official release, Binance will now add an on-chain mobile wallet to its services with other future integration possibilities.

“As a technology driven company, Binance’s acquisition of Trust Wallet shows the importance of secure wallet technology for the future development of cryptocurrency as a whole. As Binance’s first public acquisition, we hope to continue providing our users with improved security, services and support,” Binance said.

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.

According to recent reports, Binance is going to launch a decentralized exchange (DEX) this year. Earlier in March, it announced the development of its proprietary public blockchain – Binance Chain – which it said will “mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets.”