Binance acquires Trust Wallet – its first public acquisition

Popular cryptocurrency exchange Binance has acquired Trust Wallet – a secure, decentralized, open source and anonymous mobile wallet for Ethereum, ERC20 and ERC223 tokens. In its official statement, Binance has said that it wants to use this acquisition to “provide a better service and to enhance the safety for all of our users.”

Launched in November 2017, Trust Wallet has seen significant adoption within the crypto community. The company has also partnered with other solid cryptocurrency businesses such as Kyber Network, Changelly and CanYa, among others.

Binance’s first public acquisition will add an on-chain mobile wallet to the exchange’s fast-growing list of service along with future integration possibilities. The cryptocurrency exchange will give Trust Wallet the full autonomy to develop the core product while leveraging the capabilities of Binance.

This move from Binance signals the growing importance of security as well as a good wallet technology for cryptocurrency users. For a lot of the users, security is a big roadblock for the mainstream adoption of cryptocurrency. Binance has paved the way for other exchanges to look more closely at security with its strategic acquisition.