World’s Largest crypto exchange Binance acquires Trust Wallet (Mobile Wallet Company).
Trust wallet is a secure, open source, decentralized and anonymous mobile wallet application that supports Ethereum and over 20,000 different Ethereum based tokens (ERC20, ERC223 and ERC721), seeing significant user adoption since its launch in November 2017.
Financial details of the deals are yet to be disclosed. However, it would be a combination of Cash, Binance Stock & portion of BNB Tokens.
Trust wallet holds an ICO to raise capital last month & decided to cancel the sale & returned money to their investors.
Win / Win Situation for both of the Organizations
On the one hand, Binance which is worlds largest crypto exchange (By Daily Traded Volumes) & Trust Wallet which is Mobile Wallet Encryption development company. Things may shoot up from here on for both companies.
As per the Founder Viktor Radchenko, The app is currently focused on Ethereum and Ethereum-based tokens, but the plan is to add support for other blockchains including Bitcoin, EOS, NEO.
The Game Changer for Binance & Trust Wallet
Both companies are technology driven so it would be a right kind of mix to exist in the market.
Trust Wallet will be amongst a number of default wallets supported by Binance upcoming decentralized exchange, which will remove the current obstacles from the point of view of technology.
With immense market captured already by Binance, this move will enhance the security level for Binance & End Users.
Binance updated this on their website to update their all current users.
In news circulation, Binance updated this on their website
The acquisition of Trust Wallet will add an on-chain mobile wallet to the list of Binance services with other future integration possibilities. 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.