Binance, one of the largest cryptocurrency exchanges, has acquired Trust Wallet in its endeavor to further expand its market. Thus, the company’s CEO Changpeng Zhao emphasized that wallets are crucial for the crypto economy, as they will help it to become mainstream.

Trust Wallet is a small company. Only ten people are currently working for it and it is not what you would call a corporation. However, it has a perk. And that is anonymity and security. It describes itself as a secure wallet for Ethereum, ERC20 and ERC223 tokens and promises to never “access any of your personal information.” It cannot access user wallets nor can it hold private keys. Only the users have access to them on their devices.

According to the Binance’s official statement, this feature is exactly why the highly-profitable cryptocurrency exchange decided to acquire the wallet. The statement reads, “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.” It then adds that, “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. The acquisition of Trust Wallet will add an on-chain mobile wallet to the list of Binance services with other future integration possibilities”

For Zhao, who views crypto wallets as a crucial part of crypto adoption, the security aspect is extremely important, especially since his own exchange has been allegedly subject to attack. Without it, the crypto market will arguably never become mainstream: the market players will have a trust issue which would serve as a direct obstacle.
Regarding the acquisition, Zhao also noted that  “the users control 100 percent of their funds. Now we have both a decentralized and centralized solution for custody.” He added that the deal wasn’t expensive and stressed that Trust Wallet’s team will preserve its independence. He also made it clear that Binance wants to acquire more companies soon.

Previously, Binance together with Libra Credit allowed the users of BNB, Binance coin, to take fiat and crypto loans.

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