Crypto Exchange Binance acquires Mobile Wallet App Trust Wallet

As if being the largest cryptocurrency exchange wasn’t enough, Binance is now slowly taking over offline cryptocurrency storage as well. Binance has just announced their acquisition of Trust Wallet, a mobile wallet supporting Ethereum, ERC20 and ERC223 tokens.

It’s rather early to imagine the benefits this association should bring for Binance users. The CEO of Binance, Changpeng Zhao, announced that the two companies will be running independently for the moment being. “We plan to keep the app as independent as possible. There will be more features going into it but not so much from a Binance demand perspective. We are like the addition of a godfather for the baby… they’ll be some cooperation,” he told Tech Crunch.

However, the “features” he mention point out to the possibility that Binance will offer its users a mobile storage option. Trust Wallet offers support for over 30,000 coins, including EOS, TRON Qtum, and OMG.

The main reason for making this acquisition, however, is not these features, but the fact that Trust Wallet seems to have a very strong technical team behind it. According to Changpeng Zhao, acquiring companies with knowledgeable people behind them is a “key component” of their growth strategy.