Binance is one of the most well-known names in the world of cryptocurrencies, with an expected profit of $1 billion in 2018.
It’s one of the first and most popular crypto exchanges out there with a loyal user base. In fact, many even argue that it can single-handedly impact the value of currencies as we have seen in the past how Binance going down can affect the value of certain cryptocurrencies.
The company is starring the news these days for a very different reason – its first ever public acquisition.
According to an announcement, made public on July 31, the company has successfully bought Trust Wallet, a U.S.-based wallet that mainly supports Ethereum.
Launched in 2017, Trust Wallet is a decentralised, open source and anonymous wallet that is quite popular among users who deal in Ethereum.
Details on The Deal
The company has so far given no details on the deal including the amount paid to acquire the company. However, sources indicate that the amount was paid not just in fiat money but also in BNB tokens and Binance stocks.
Founder of Trust Wallet, Viktor Radchenko, is kicked about this acquisition and thinks it would give him time to work on the app and make it even better.
What’s The Future of Trust Wallet?
Trust Wallet users have nothing to worry about since the platform will mostly remain autonomous, with users not facing many changes in the system. However, Binance does plan to invest more in marketing while also helping with administration.
Binance CEO, Changpeng Zhao, appears to have a lot of faith in Trust Wallet. He appreciated the company’s team and talked about how Binance will help Trust Wallet be a bigger name in the industry.
He said, “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.”
The company apparently also plans on listing Trust Wallet as the default wallet on its upcoming decentralized platform.
Experts think that this acquisition is a good move that will help both the companies since Binance needed an acquisition to grow and Trust Wallet has the potential to get bigger, especially with cryptocurrencies still being so hot.
However, this is not the end of acquisitions for Binance as the company appears to be considering more purchases in the future.
Company’s CEO said, “We’re looking for strong tech teams. Acquisition will be a very key component to continuing to grow and contributing to this industry.”
There is no word yet on which other companies Binance is eying, but it definitely seems to be planning big.
Image credit: Business Wire
Related post:
Binance CEO States That Smart Contract Blockchains are Too Slow
Did you find this article helpful? Don’t hesitate to share on Facebook and LinkedIn to let your network know!
hello there and thank you for your information ? I have certainly picked up something new from right here. I did however expertise a few technical points using this website, since I experienced to reload the website a lot of times previous to I could get it to load properly. I had been wondering if your web host is OK? Not that I’m complaining, but slow loading instances times will very frequently affect your placement in google and can damage your quality score if advertising and marketing with Adwords. Well I am adding this RSS to my email and can look out for much more of your respective fascinating content. Ensure that you update this again very soon..
Very excellent visual appeal on this site, I’d rate it 10 10.
on a daily basis. It will always be interesting to read through content from
other authors and practice a little something from other sites.
온라인바카라
I do trust all the ideas you have introduced on your post. They’re really convincing and can certainly work. Still, the posts are very quick for starters. May just you please lengthen them a bit from subsequent time? Thank you for the post.
http://edmeds.pro/# buy erection pills
Terrific work! That is the kind of information that should be shared across the internet. Disgrace on the seek engines for now not positioning this put up upper! Come on over and visit my site . Thank you =)
I cling on to listening to the news speak about getting boundless online grant applications so I have been looking around for the top site to get one. Could you tell me please, where could i find some?
We are a group of volunteers and starting a brand new scheme in our community. Your web site offered us with helpful information to work on. You’ve done an impressive job and our entire group will be thankful to you.
I loved as much as you will receive carried out right here. The sketch is tasteful, your authored material stylish. nonetheless, you command get got an edginess over that you wish be delivering the following. unwell unquestionably come further formerly again since exactly the same nearly very often inside case you shield this hike.
Simply want to say your article is as surprising. The clearness in your post is simply spectacular and i could assume you’re an expert on this subject. Fine with your permission allow me to grab your RSS feed to keep up to date with forthcoming post. Thanks a million and please keep up the rewarding work.