Binance’s First Acquisition, Trust Wallet

Changpeng Zhao, Binance CEO (left)

Binance, one of the world’s largest cryptocurrency exchanges, announced the completion of the acquisition of Trust Wallet, a cryptocurrency wallet company. This was also the company’s first announced acquisition, but it did not disclose specific acquisition details. According to TechCrunch, Binance paid in a mixture of fiat money, Binance stocks, and its own BNB token. 

Changpeng Zhao, CEO of Binance, said that the acquisition was not expensive. He pointed out that Trust Wallet was the best wallet it found. Trust Wallet is mobile wallet compatible with ethereum-based tokens, the platform is open-source, decentralized and anonymous. It can store more than 20,000 different ERC 20 based tokens and the wallet user’s private key is never stored on the server.

Binance said that Trust Wallet will continue to have the right to develop its own core products. Binance plans to list Trust Wallet as a default wallet on the highly anticipated Binance decentralized exchange. Changpeng Zhao pointed out that although Trust Wallet may not be as well known as wallets, Binance can help with their marketing.

In addition, Changpeng Zhao also mentioned that the Binance is currently in early negotiations with some other acquisition targets.