Major crypto exchange Binance has made its first public acquisition, having bought Trust Wallet, according to an announcement July 31. Launched in 2017, U.S.-based Trust Wallet is an open source, anonymous, and decentralized wallet that supports Ethereum (ETH) and over 20,000 different Ethereum-based tokens (ERC20, ERC223, and ERC721).
While the details of the deal are not disclosed, Binance told TechCrunch that it paid in a mixture of fiat money, Binance stocks, and its own BNB token. Trust Wallet will remain autonomous in most of its operations, while Binance will help with administration and work on marketing development.
Binance CEO Changpeng “CZ” Zhao stressed that Trust Wallet is a strong team in terms of technical knowledge, but requires assistance with their marketing strategy:
“They haven’t done much marketing which is where we can help. They are strong technically but don’t like doing marketing, HR etc… now merging with us they don’t have to worry about money.”
Apart from boosting the service’s business development, Binance plans to list Trust Wallet as a default wallet on the highly-anticipated Binance decentralized exchange. Zhao said that Binance is considering further acquisitions.