Trust Wallet and its native token defy the damage the FTX collapse has brought, soaring 70% in the last 30 days. Proving that not everyone is infected by FTX and its crisis.
The success of the Trust Wallet token
We can safely say that the success of the Trust Wallet token is closely linked to Binance. In fact, the company itself was developed by the creators of the famous cryptocurrency exchange. CEO Changpeng Zhao, gets almost all the credit for the token’s price increase, having recommended the wallet to his entire community.
In fact, CZ posted a series of tweets advising investors to take charge of the custody of their cryptocurrencies themselves, rather than leaving them at the mercy of hackers or failures on exchange platforms.
On Twitter after the 70% increase in token value, the CEO of Binance, continues to inform the community of recent updates, creating even more interest for investors:
“TrustWallet has just made a great release: the Trust Wallet browser extension.”
Finally, he reminds that the Trust Wallet Token (TWT) is the official token of the Trust Wallet, allowing its holders to participate in the decision-making process on features and updates to the application.
Acquired by Binance in 2018, but still open-source software, Trust Wallet is a decentralized wallet that facilitates the storage of cryptocurrencies and NFTs.
The close relationship with Binance and Coinbase
The integration of Binance Pay and Coinbase Pay into Trust Wallet, allows wallets to be linked from the most widely used platforms. These practices until recently would have really required a lot of steps, but instead by facilitating these steps, Trust Wallet manages to better unite the two sides of the same coin: CeFi (centralized finance) and DeFi (decentralized finance).
The words of Jonathan Lim, the head of Binance Pay:
“Binance Pay is excited to be integrated with Trust Wallet to simplify the process for users to transfer their cryptocurrencies between two services. Trust Wallet is the first decentralized wallet we have supported, Binance Pay looks forward to becoming the key access to Web3 by connecting the worlds of CeFi and DeFi.”
Coinbase Product Manager Bipul Sinha also had words in favor of Trust Wallet:
“At Coinbase, we are trying to build a bridge to Web3, offering more people the benefits of seamless access to cryptocurrency. We designed Coinbase Pay to make it easier than ever for users to prepare for Web3, with the ability to fund their self-storage wallet or dapps in a few simple steps. We are excited to work with leaders like Trust Wallet to bring this ease to the ecosystem.”
Eric Chang, chief product officer of Trust Wallet, commented:
“Our goal at Trust Wallet is to make cryptocurrencies and DeFi very easy for everyone to use. With the addition of Binance Pay and Coinbase Pay we want to introduce easier and cheaper ways for people to access web3, reducing friction from the user journey as much as possible.”
The close benefits with these two exchanges, the best in the market, especially the one with Binance, give the wallet a chance to really fly high.
What is Trust Wallet and how does it work?
Trust Wallet is a very secure and easy-to-use non-custodial cryptocurrency wallet developed by the creators of Binance themselves. This wallet allows for storing Bitcoin, Ethereum and other altcoins and ERC20 tokens, as well as interacting with decentralized applications (dApps) on the Ethereum blockchain.
The company was acquired by Binance in July 2018 and has since become the official wallet for this popular cryptocurrency exchange.
Trust Wallet works in much the same way as other cryptocurrency wallets. When downloading the app, a unique wallet address is generated, which can be used to receive and send cryptocurrencies.
Unlike web or desktop wallets, mobile wallets such as this one allow users to carry cryptocurrencies with them at all times and make transactions anytime, anywhere. This cryptocurrency wallet is highly secure and uses advanced cryptographic technology to protect your funds.
In addition, being developed by the creators of Binance themselves, this wallet is backed by one of the largest and most trusted cryptocurrency exchanges in the world.
Among the main features of Trust Wallet are:
- Support for cryptocurrencies and ERC20 tokens: supports Bitcoin, Ethereum and other major altcoins, as well as ERC20 tokens.
- Advanced security: uses advanced cryptographic technology to protect funds. In addition, this wallet is supported by Binance, which means users can be assured that your funds are safe.
- Easy-to-use wallet: this is a very easy-to-use wallet, perfect for beginners. This wallet has all the features you need to send, receive and store cryptocurrencies safely.
- Intuitive interface: it has a very intuitive and easy-to-use interface, so it can be used effectively from day one.