Binance, one of the major cryptocurrency exchanges, has reportedly recorded the first acquisition of the third-party company in an attempt to provide users with increased control over their assets.
As commented Binance representative with this merger, the exchange will manage to expand the list of solutions offered to the clients:
"The users control 100 per cent of their funds...Now we have both a decentralized and centralized solution for custody."
According to the news reports, Binance has acquired a crypto-wallet company – Trust Wallet. The company provides a decentralized browser application and does not store users' private keys, codes or other information, as the data is kept on user's devices. With Trust Wallet the users will be able to hold more than 20,000 ETH-based tokens.
“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,” the company statement reads.
Binance CEO stated that the acquisition would not affect Trust Wallet's opportunities for development of their product, and their team may just get fruits from this synergy. The contract cost is unknown though Binance CEO stated that the price did not high given a small number of users, adding that Binance is considering an acquisition of some more companies.