Cryptocurrency exchange behemoth Binance has announced the acquisition of Trust Wallet, a mobile cryptocurrency wallet company. This acquisition is the first ever by the popular cryptocurrency exchange service, signaling a statement of intent in the company’s quest to stake a more significant claim in the evolving cryptocurrency market.

Binance, today (July 31, 2018) announced its purchase of Trust Wallet. The crypto exchange put out a statement on its website revealing the acquisition. According to the post, Binance’s purchase of Trust Wallet will enable the company to provide better services to its customers.

The details of the deal remain undisclosed at press time; however, according to TechCrunch, inside sources at Binance reported that the agreement involved a cash payment, company stock, as well as some BNB tokens–the native cryptocurrency of the Binance ecosystem and one of the best performing coins of 2018.

Even with the acquisition, Trust Wallet remains an independent enterprise with its operations still domiciled in the United States. The Malta-based Binance will assist with the non-technical aspects of the business such as administrative duties, marketing, etc.

Commenting on the deal, Changpeng Zhao, the CEO of Binance, said:

“The Trust Wallet team shares the same values as us, and the products are very complementary. For users who like to withdraw funds into a wallet now we have a product they can use. We plan to keep the app as independent as possible. There will be more features going into it but not so much from a Binance demand perspective. We are like the addition of a godfather for the baby [and] there’ll be some cooperation.”

Trust Wallet is a secure mobile cryptocurrency wallet that supports Ethereum and Ethereum-based tokens. The company was launched in November 2017 and, despite its relatively small stature, has managed to build a favorable reputation in the industry for its robust security features.

For Viktor Radchenko, the founder of Trust Wallet, the deal is an excellent opportunity for his creation to be exposed to the world. According to Radchenko:

“This is an incredible opportunity for Trust Wallet to work with the biggest and the most respected exchange in the world, but we also feel as though we are aligning with a partner that shares a similar approach towards security and user management. This is a great partnership, and we look forward to collaborating with the amazing team from Binance.”

The post Binance Cryptocurrency Exchange Announces Trust Wallet Acquisition appeared first on UNHASHED.

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