Black_background_logo_BitcoinWorld-removebg-preview
Trust Wallet Token Drops As Binance Launches Own Web3 Wallet
Latest News News

Trust Wallet Token Drops As Binance Launches Own Web3 Wallet

Trust Wallet Token (TWT), the native token of Trust Wallet, declined 7% in value when Binance released its own competitive Web3 wallet. Binance had acquired Trust Wallet in 2018.

According to Coinstats, Trust Wallet Token is currently trading at $1.49, down 7% in the last 24 hours.

Trust Wallet Token Price Chart | Source: Coinstats

 

According to TechCrunch, Binance purchased the wallet in 2018 for a combination of cash, Binance stock, and a percentage of BNB tokens. BNB was worth $14.80 in July 2018 and is now worth $244.

Trust Wallet allows users to store and utilize bitcoins across the DeFi network. Binance’s new wallet is remarkably similar; it will support 30 distinct blockchains and can be used for staking, lending, and borrowing.

Read Also: SEBA Bank Obtains Hong Kong License For Crypto-Related Services

The new Binance wallet, however, is only accessible through the platform’s native app, which may be restrictive to users who do not have or do not choose to sign up for a Binance exchange account.

TWT had a good week before Binance’s wallet launch, surging by more than 60% since last Wednesday. Binance announced the listing of TWT futures on its exchange five days ago, and the daily volume increased from $80 million to about $476 million on Monday.

When asked what role Trust Wallet will have alongside the release of Binance’s wallet, no response has been received from Binance spokesperson.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.