Trust Wallet’s TWT Drop by 7.39% as Binance Launches Its Own Web3 Wallet

The post Trust Wallet’s TWT Drop by 7.39% as Binance Launches Its Own Web3 Wallet appeared first on Coinpedia Fintech News

In the ever-evolving world of cryptocurrency, change is constant. Trust Wallet’s native token (TWT) faced a 7.39% decline in value following the launch of Binance’s competing Web3 wallet.

Trust Wallet, a platform allowing users to store & manage cryptocurrencies within the decentralized finance (DeFi) ecosystem, has been under the umbrella of Binance since 2018 when the exchange acquired it. The acquisition involved a combination of cash, Binance stock, and a portion of BNB tokens.

Interestingly,  the TWT token had a positive week leading up to Binance’s wallet release, with a remarkable 60% increase in value over the past week. 

The surge in TWT’s trading activity was partially triggered by Binance’s announcement of TWT futures listing on its exchange, causing the daily volume to skyrocket from $80 million to approximately $476 million in just a few days.

Binance Launch Self-Custody Web3 Wallet

During the Binance Blockchain Week conference held in Istanbul, Binance released its very own Web3 wallet. 

Apparently, this wallet is designed for smooth interaction with the decentralized finance (DeFi) ecosystem and is compatible with multiple blockchains, enabling activities such as staking, lending, and borrowing.

However, one key distinction is that this new Web3 wallet can only be accessed through Binance’s native app. This exclusive access may pose a challenge for users who lack a Binance exchange account or choose not to create one.

Web3 wallets like the one introduced by Binance are more than just tools for storing digital assets. They are integral components of the Web3 framework, offering individuals greater control over their financial assets and activities in the decentralized digital landscape.

Meanwhile, the launch of Binance’s Web3 wallet and its impact on TWT’s value reflects the ever-shifting dynamics of the crypto market.