Binance appears to be considering expanding its product line to a standalone cryptocurrency wallet. The exchange announced the acquisition of a mobile wallet solution called Trust Wallet, which will “help improve the centralized architecture” of the platform.
“Wallets are the most fundamental interface of the crypto economy, and a secure, easy-to-use wallet is the key to widespread adoption of cryptocurrencies,” said Changpeng Zhao, founder and CEO of Binance. “Trust Wallet is an on-chain wallet where users' private keys are decentralized and stored on users' devices, which perfectly complements Binance's centralized structure.”
Even though the company has acquired the wallet, the previous team will work autonomously on its development. It is important to note that this is Binance's first acquisition.
The move appears to be a response to recent criticism of centralized platforms. Ethereum co-founder Vitalik Buterin recently expressed his views on them in an interview with TechCrunch. “I really hope that centralized exchanges go to hell,” he said.
In response to his remarks, Zhao said that “he believes that decentralization is a means, not an end,” indicating that the goal is actually increasing freedom and choice.
It is not yet clear how this acquisition will affect the company's growth, but it is clear that the addition of a secure storage service for its customers - of which there are already more nine million can never be a bad idea.
According to thenextweb.com
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