RATE Group | Binance’s first official acquisition is a mobile cryptocurrency wallet
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Binance’s first official acquisition is a mobile cryptocurrency wallet

31 Jul Binance’s first official acquisition is a mobile cryptocurrency wallet

Posted at 20:08h in Cryptocurrency News by

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It appears Binance might be considering expanding its line of products with a standalone cryptocurrency wallet.

The exchange announced it has acquired mobile wallet solution Trust Wallet in an effort to improve “the centralized architecture” of its platform.

“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,” Binance CEO and founder Changpeng Zhao said in a statement to Hard Fork. “Trust Wallet is an on-chain wallet, where user private keys are decentralized [and] stored on user devices. This compliments the centralized architecture of Binance nicely.”

Binance revealed that despite the acquisition, the Trust Wallet team will continue to operate and develop the core product autonomously – though it will probably take advantage of the company’s wide user base and upcoming decentralized exchange initiative, more commonly known as…

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