-The Business Side You Never Saw.

Binance

Binance as you know it, is arguably the biggest exchange in the world, with its services spanning across futures trading as well as spot, margin trading, staking, Decentralized finance, and Auto investment, only to mention a few. It’s a centralized exchange with almost everything you want present especially with its latest feature - The Web3 Self Custody Wallet. We’ll talk about that in a few. Let’s quickly look at the acquisition of Trust Wallet back in 2018.

Trust Wallet

Trust Wallet was already conducting an ICO but decided to cancel on July 10th, 2018. The founder Viktor Radchenko said He wanted to focus more on product and development rather than a tokenized economy. Something that made the project a success from when it started. Not long after that, it caught the attention of Binance as they already announced that same year, their One Billion Dollar Investment plans for startups.

Binance Trust Wallet Acquisition.

Binance went on to acquire Trust Wallet on July 31, 2018. As a way of owning sub-companies under its umbrella, CEO, CZ indicated his desire for the company to operate as a private entity, with Binance only handling marketing and HR as CZ rightly noticed they barely did marketing. Probably due to finances? Either way, Binance stepped in and money was never a factor anymore as they got much more funding than they expected. Though it was for an undisclosed fee, CZ said at the time, cash and Binance stocks as well as BnB coin priced at around $14 were also included in the deal.

Today I'm sure if you were to call mobile wallets, you'd probably call trust wallet first. That's the power of marketing.

Binance had no plans of integrating trust wallet into the Binance app, as CZ specifically said he didn't want the products offered by the newly acquired firm to be influenced by the Binance market. I knew it was only a matter of time before Binance created a web3 wallet and integrated it into the Binance app. Five years later, it finally happened.

During the Binance Blockchain Week Conference in Istanbul that was held recently, CZ announced the new Web3 self-custody wallet which will enable users of the Binance app to interact with the decentralized finance ecosystem, integrated into the Binance app for the Binance market and more. This Wallet uses the same WaaS technology (Wallet as a Service) as Trust Wallet, or should I say, it uses Trust Wallet’s Wallet as-a-Service Technology, as this was one of the new upgrades introduced to the Trust Wallet app. Besides the bluish design of the Trust wallet logo and the newly improved interface, an additional security feature that was added is the MPC technology. The Multi-party computation technology (MPC) allows multiple parties, each holding their private data to evaluate a computation without ever revealing any of the private data held by each party. This currently is the safest and strongest security feature in the world of cryptocurrency.

The Business Side You Never Saw.

As a business strategist, CZ decided to have a pre-launch of the trust wallet’s newly designed interface accompanied by a listing of the $TWT token on Binance’s futures trading in a way to boost the buying pressure and create a stir before the conference and announcement of Binance’s very own web3 wallet, which typically does the same things as the trust wallet. Widely appreciated by the public, the $TWT token soared more than 60% in a week before dropping 7% at the announcement of the newly unveiled web3 wallet by her parent company Binance.

It's how this man is able to handle the continuous Binance FUD thrown at Him, the consistent fight for regulatory approval from different countries without much success, with one coming from Dubai amidst the other fights for operational licenses, all these and more surrounding the world’s biggest exchange by trading volume. Which I think I should add, with the recent drop in trading volume for the exchange, 2023 has rather been a tough year for the leading giant. How long do you think they can hold steady with all the FUD happening?

Let me know in the comments, and also if you would fancy a weekly crypto round up like this more often than once a week.

As always, I'm your Crypto Journalist, Clever Abaribote.

Writer and Editor: Clever Abaribote

Co-Editor : Igwechu Peace Ajuri

Sources : The Block, Fireblocks, Techcrunch, Medium, Trustwallet.