Binance completes acquisition of Ethereum Trust Wallet: ETH/USD breaks below July lows

• Binance to use the experience of the newly acquired Trust Wallet to improve customer fund security.
• Trust Wallet has support for Ethereum, ERC20, ERC223 as well as ERC721 tokens.
• Ethereum price is battling for a support above $420, the upside is capped below $428 on the intraday basis.

Safety is paramount to success in the cryptocurrency industry. Exchanges and cryptocurrency projects alike are constantly working on improving security measures to avoid surprises of customer funds disappearing through hacks. In addition to that, most international regulations have their focus on ensuring that exchanges secure customer funds.

In line with that, the largest cryptocurrency exchange in the world, Binance announced on its website today that it has completed the acquisition of an Ethereum wallet referred to as Trust Wallet. CryptoDaily describes the wallet as “an open source and decentralized wallet built to support the storage of Ethereum, ERC20, ERC223 and ERC721 tokens.”

Trust wallet holds the title of being one of the most secure digital wallets in the industry. The company values customer needs and has always strived to provide the highest security possible. The wallet also respects customer privacy and does not ask for private keys, not event customer personal information. A section of the announcement on Binance website reads:

“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.”

In addition to that, Binance stated its commitment to ensuring security for its customer saying:

“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.”

Ethereum price analysis

Ethereum price, on the other hand, is battling to find a balance above $420 after the overarching declines that had it trade below July lows ($417.50). Ethereum dropped approximately 9.82% in less than two days to trade lows of $412.15. It also broke below several support levels at $460, $440 and $430. The selloff is widespread cross the cryptocurrency market.

At the moment, technical indicators like the stochastic and the MACD on the hourly chart are showing bullish signals. The immediate resistance is at $428 but the critical upper supply zone is highlighted at $430. On the flip side, the price must embrace the short-term support at $420 to prevent declines that could have the second largest cryptocurrency in the world drop below $400.

ETH/USD 1-hour chart