Breaking

Wednesday, August 1, 2018

Binance has bought their first company - here's who they acquired....

Popular cryptocurrency exchange Binance has acquired it's first company - The US based "Trust Wallet".

Trust Wallet provides a mobile app based wallet, focused on ERC20 tokens on the Ethereum blockchain - since ERC20 is the most popular token type, this means Trust Wallet works for over 20,000 cryptocurrencies.

Never heard of Trust Wallet? Neither have we - and Binance CEO Changpeng Zhao (known as CZ in the crypto world) knows most people haven't, which is why he calls it “diamond in the dirt”.

“Wallets are the most fundamental interface to the crypto economy, and a secure and easy-to-use wallet is key to proliferate the adoption of cryptocurrencies. Trust Wallet is simply the best in this category in my opinion. Trust Wallet is an on-chain wallet, where user private keys are decentralized, ie, stored on user devices. This compliments the centralized architecture of Binance nicely. Now we have the best of both worlds, and users have their choice” says CZ.

While we don't know what they paid for the company, CZ says the payment was done with a mixture of company stock, fiat cash, and BNB tokens.

We believe this is Binance's response to the old rule of crypto pro's:  never leave funds sitting on an exchange. Now Binance has their own off-exchange storage solution to offer it's users.

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Author: Mark Pippen
London News Desk