Binance, a major cryptocurrency exchange, announced the purchase of Trust Wallet on July 31. This is Binance’s first acquisition and the aim is to add an on-chain mobile wallet to its list of services with other integration possibilities in the future.
Launched in November 2017, Trust Wallet is an open source and decentralized mobile wallet application that supports Ethereum and over 20,000 different Ethereum based tokens (ERC20, ERC223 and ERC721).
Viktor Radchenko, founder of Trust Wallet, said the acquisition gave him an opportunity to return to focusing on developing the app and its technology. “Having resources will help us grow quicker and so I can focus on adoption for the users that don’t even have wallets,” he said.
Binance said in its statement that the wallet brand and its team will stay autonomous to develop the core product while benefiting from the synergy with Binance, including a broad user base and the upcoming DEX.
Although the deal is undisclosed, media reports say that Binance confirmed that the compensation is a mixture of cash, Binance stock and a portion of its BNB tokens.
Based in Malta, Binance is one of the three largest cryptocurrency exchanges by trade volume. As of the end of June, the young Chinese company has taken in about $300 million revenue and is expecting to reach one billion U.S. dollars in 2018.
Feature Image Source: Internet.