launch of Binance’s rival Web3 wallet caused a 7% drop in the value of Trust Wallet’s native token (TWT). In 2018, Binance purchased Trust Wallet. According to CoinMarketCap, the token is currently trading at $1.49, which represents a 7% decrease over the previous day.
According to TechCrunch, Binance purchased the wallet in 2018 for a combination of cash, Binance stock, and some BNB tokens. In July 2018, the value of BNB was $14.80; it is currently trading at $244.
A product called Trust Wallet enables users to store and transact in cryptocurrencies throughout the Decentralized Finance (DeFi) network. Similar features can be found in Binance’s recently released wallet, which supports 30 different blockchains and allows for lending, borrowing, and staking.
The new wallet can only be accessed through the platform’s native app, which may be a drawback for users who lack or choose not to open a Binance exchange account. This is one difference, though.
Prior to Binance’s launch, TWT Token had a great week, increasing by more than 60% since last Wednesday. TWT futures were listed on Binance’s exchange five days ago, and on Monday, the daily volume of the exchange increased from $80 million to approximately $476 million.
