The exchange announced on July 31 that it purchased Trust Wallet, stating that the acquisition “will add an on-chain mobile wallet to the list of Binance services with other future integration possibilities.”
The acquisition was made public by both Binance and Trust Wallet also announced the acquisition on Twitter.
TechCrunch reported that Binance managed to buy the company by using money, stock, and BNB tokens. The amount Binance tokens used in the purchase was not made public. Seeing as this is the first public acquisition on Binance’s part, the company has been giving signs of being in a process of expansion.
Just a month prior to this, the company revealed that it established a $1-billion-dollar investment fund along with a fiat-crypto exchange in Uganda. Trust Wallet was first established in November 2017 and offers support for the following token standards: ERC20, ERC721, and ERC223.
The announcement read:
“The company has built a reputation for security and has held itself to the guiding principles that it will never access user wallets, hold private keys, and ask for personal information.”
Binance stated that Trust Wallet “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.”
The decentralized exchange known as Binance Chain was first publicised in March was scheduled to be launched in September this year. Binance CEO Changpeng Zhao stated in a Bloomberg article that the exchange will exercise almost no control over coins listed on Binance Chain, or those that list them.