US: World’s largest crypto-exchange Binance buys Trust Wallet

Binance, the world’s biggest crypto exchange, announced on Tuesday, July 31, that it has purchased Trust Wallet, reported Bloomberg. Trust Wallet is a decentralized wallet service for digital tokens that also serves as a browser for so-called decentralized applications.

Binance bought Trust Wallet without disclosing the terms of the deal. Trust Wallet, which launched in November and has 10 employees, allows customers to store more than 20,000 different Ethereum-based tokens.

“The users control 100% of their funds,” Binance Chief Executive Officer Zhao Changpeng said in an interview Tuesday. “Now we have both a decentralized and centralized solution for custody.”

Trust Wallet doesn’t access user wallets or hold private keys—the codes that let investors spend their coins—Binance said. Instead, the keys are stored on user devices. The firm may collect customers’ public-wallet addresses, contact information, and social-media handles, according to its website. Trust Wallet said in June that it was canceling its planned token sale due to legal risks.

“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,” Malta-based Binance said in the statement. “The Trust Wallet brand and team will retain the autonomy and freedom to develop the core product while benefiting from the increased synergy from Binance.”

Full Content: Bloomberg

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.