Binance acquired Trust Wallet
Trust Wallet is not one of Ethereum's best-known portfolios. It has approximately 50,000 downloads on Android through the Google Play store, obtaining a 4.6 of 5 stars rating of 1,138 reviewers. Download statistics were not immediately available in the Apple app store, but the portfolio had a comparable rating from a similar number of reviewers. To compare, imToken, the most popular Ethereum wallet, has more than 5 million active monthly users, most of which are based in Asia.
"The Trust Wallet team shares the same values as us and the products are very complementary," Binance CEO Changpeng "CZ" Zhao told the publication. "For users who like to withdraw funds in a wallet, we now have a product they can use."
Zhao said that Trust Wallet will continue to operate independently, with Binance providing administrative and marketing support and serving as a sponsor for the wallet service.
By downloading these features to Binance HQ, the Trust Wallet development team will have more time to focus on their core product offerings, perhaps accelerating their planned support for other encrypted currencies, such as Bitcoin, EOS and NEO.
The acquisition of Trust Wallet occurs when Binance is actively working on the construction of a decentralized exchange (DEX), with its own public blockchain. Such platforms, which have also been announced by several other major exchanges, will allow users to trade with cryptocurrencies without entrusting their funds to a centralized custodian and putting them at risk of piracy and exit scams.
Zhao said Trust Wallet will serve as one of Binance DEX's predetermined wallets, although it is not clear when the platform will be launched.
Binance's centralized exchange currently ranks as the second largest cryptocurrency trading platform in the world, with a daily volume of $ 1.3 billion. Only OKEx, which, like Binance, has created its own cryptographic token, opened an office in Malta, and announced plans to create a DEX, has processed more trading volume in the last 24 hours.
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