What happened: Malta-headquartered crypto exchange Binance has acquired mobile Ethereum wallet Trust Wallet in an undisclosed deal. Despite the acquisition, the Trust Wallet team will continue operating autonomously.
Why it’s important: In June, Binance, the world’s largest crypto exchange, announced a $1 billion investment fund to back blockchain and crypto startups. The company was originally founded in China and headed by Changpeng Zhao. It moved to Malta after stricter cryptocurrency trading regulations hit China and Japan. Trust Wallet is likely the first of many acquisitions for Binance. The acquisition will enable Binance to accelerate the development of its decentralized exchange, while Trust Wallet will be able to tap into Binance’s existing user base and other resources.