Safety and security are paramount for cryptocurrency exchanges. In order to ensure they are able to keep hold of their customers, they need to make sure their customers feel safe using their product. Moreover, with international regulations focusing on exchanges, the companies need to start to focus on making sure their product is as secure as it can be, otherwise they may end up losing their license to trade.
Binance are of course one of the largest exchanges in the world, therefore this latest announcement brings with it some great positivity and reassurance for customers.
According to an announcement on the Binance website, the company have completed the acquisition of Trust Wallet, an open source and decentralised wallet built to support the storage of Ethereum, ERC20, ERC223 and ERC721 tokens.
Trust Wallet is renowned as one of the most secure wallets in the world, with the company previously paying very close attention to ensuring that their customers assets are held in the most secure way possible. Moreover, Trust Wallet have built a level of trust with their customers, in ensuring that they will never have access to the wallets themselves, the private keys of the customers or the personal details of the customers either.
According to Binance:
“The acquisition of Trust Wallet will add an on-chain mobile wallet to the list of Binance services with other future integration possibilities. The Trust Wallet brand and team will retain the autonomy and freedom to develop the core product while benefiting from the increased synergy from Binance.”
“As a technology driven company, Binance’s acquisition of Trust Wallet shows the importance of secure wallet technology for the future development of cryptocurrency as a whole. As Binance’s first public acquisition, we hope to continue providing our users with improved security, services and support.”
See the full announcement for yourself, here.
By associating with a company that levitates on total security, Binance are cleaning up their act for further international adoption. Binance want to become the biggest cryptocurrency exchange in every country. The only way they can do this is by ensuring that they comply with each and every regulation. Since these regulations are almost always focused on security, by locking down their security now, the expansion of Binance going forward, will be far easier in the future.