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In its first-ever acquisition, leading cryptocurrency exchange Binance has confirmed that it has now acquired mobile Ethereum wallet Trust Wallet in a joint announcement.
The acquisition, which will leave Trust Wallet’s development team to operate autonomously, will see the application tied to the exchange’s major movements – servicing both its existing user base, and potentially accommodating the introduction of Binance Chain following the company’s pivot to decentralize its operations.
In a statement issued to CoinDesk, Binance CEO Changpeng Zhao offered that “We want to keep Trust Wallet as an independent brand and product. It’s still the team’s baby. We are like a godfather. In fact, we plan to move more services to Trust Wallet, such as tight integration with our decentralized exchange Binance Chain.”
Zhao went on to add that “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 .
Presiding over the announcement, Trust Wallet founder Viktor Radchenko offered that “This is an incredible opportunity for Trust Wallet to work with the biggest and the most respected exchange in the world, but we also feel as though we are aligning with a partner that shares a similar approach towards security and user management”.
The move would compliment Binance’s planned move to decentralize its offering. Earlier this year, the company outlined its intent to migrate Binance Coin from Ethereum to serve as a proprietary token.
At the time, the company announced that Binance Chain would be used to transfer different blockchain assets and would re-appropriate the company’s Binance Coin token to its own native blockchain, rather than leverage Ethereum’s ERC20 standard.
While it remains unclear as to how the company plans to transition its own token from the Ethereum platform to its own native blockchain, the company might well introduce a token swap for new entrants to its decentralized exchange offering.
The news comes shortly after Binance, in conjunction with Neufund, confirmed that it will proceed to build a decentralized stock exchange.
Binance Coin itself is up by 5.22% USD at press time, and presently trades by $13.85 USD.