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Binance to Buy Crypto-Wallet Company in First-Ever Acquisition

Zhao Changpeng
Zhao ChangpengPhotographer: Akio Kon/Bloomberg

Binance, one of the world’s biggest cryptocurrency exchanges, is embarking on its first acquisition as it seeks to give customers more control over their digital coins.

The closely held firm bought Trust Wallet, a crypto-wallet provider and decentralized-application browser that doesn’t collect a lot of user data, Binance said in a statement, without disclosing the terms of the deal. Trust Wallet, which launched in November and has 10 employees, allows customers to store more than 20,000 different Ethereum-based tokens.