Binance’s Ethereum-Based Trust Wallet Adds Bitcoin (BTC) Support

Fibo Quantum

Trust wallet is a mobile crypto wallet, which supports ETH and more than 20,000 Ethereum tokens including those of the ERC223, ERC20, and ERC721 standards. It recently revealed that it would now support BTC.

Details Of The Announcement

In the announcement, the iOS Trust Wallet will now offer segwit supports and will allow deposits of BTC via the Bech32 addresses. The company said that the capability would later come to Android devices in about 2-3 weeks. The news comes just a few after the wallets added TRON (TRX) support. Trust Wallet also supports POA Network, GoChain, EThereum Classic, VeChain, and Wanchain.

Binance Acquisition Of Trust Wallet

Binance acquired the Trust Wallet in July, by acquiring the wallet, the exchange wanted to offer better services and enhance the safety of Binance users. The Trust Wallet is an open source, secure and decentralized wallet. It has seen its user base grow significantly since it launched in December 2017.

The company has a reputation for being a secure wallet. It has a policy of never accessing the wallets of users, holding their private keys, or asking for personal details from the users. With this acquisition, Binance added an on-chain mobile wallet to its list of services. At the time, it promised farther integration; a promise, which it has kept.

Binance promised that the Trust Wallet team would continue to enjoy the same freedom and autonomy to develop the wallet. At the same time, they would benefit from the synergy that Binance has to offer including the large user base.

Binance is a technology-driven company. By buying the Trust Wallet, it showed secure wallet tech has an important role to play in the crypto world. The purchase marked the first public acquisition that Binance has made. Since then, the wallet has continued to be quite reliable.

How Binance Acquisition Helped Trust Wallet

Binance said they would boost the business development of wallet. Besides that, they would make it part of the Binance decentralized exchange. The founder of Trust Wallet was quite pleased by the purchase. He said the purchase would help them continue to grow and have a positive impact on the industry.

For one, it would mean that they were no longer pressed for resources. As a result, they could focus more on growth and development instead of worrying about the scarcity of development resources. It would also allow Trust Wallet to focus on adoption of the wallet by those who do not use it.

In the past, Trust Wallet had tried to raise funds by holding a token sale. However, they had to cancel it due to regulatory woes. Thus, it was hard for them to compete with the big boys without safety compromises due to lack of resources. However, the purchase changed everything for them.

About Binance

Binance is the second biggest crypto exchange by trade volumes. By the end of 2018, the company expects that it will have earned revenue of $1 billion. It is currently registered in the Malta jurisdiction.