The uncertain situation in the cryptocurrency market and massive outflows of coins from exchanges are making crypto wallets very popular. One of the beneficiaries is Trust Wallet, which has meanwhile announced significant updates.
Trust Wallet with big steps in development
Collapses of one institution often contribute to the development of another. This is exactly how to describe the situation that was triggered by the collapse of the FTX exchange. As a result of these events, demand for crypto wallets exploded. Companies such as Ledger and Trezor report a record number of orders for their products. Trust Wallet, which made big changes to its ecosystem at the same time, is also attracting interest.
Well, on November 14, the company announced the launch of extensions for browsers. Google Chrome and Opera users became the beneficiaries. This solution allows receiving, storing and sending cryptocurrencies within the EVM and Solana chains. In addition, manual network selection is not necessary. The application is equipped with automatic functions, which makes it much easier to use. Multiple wallets can operate within its framework. NFTs are also supported. Integration with blockchains other than EVM is possible.
Trust Wallet merges with Binance Pay and plans more
On November 16, Trust Wallet representatives announced an integration with Binance Pay. The effect of this is that Binance users, having their wallet in the direct withdrawal axis, will not have to enter their wallet address or scan it. At the time of this writing, the service is running within Android. Nevertheless, there are reports of its imminent launch on iOS phones as well. Meanwhile, according to information coming out of Coinbase, a similar integration awaits this exchange as well. Its exact date is not yet known.
Interest around Trust Wallet clearly increased after the CEO of the Binance exchange, Changpeng Zhao, publicly endorsed the solution. Indeed, he stated that “self-custody is a basic human right”. It is worth noting here that Binance has been acting as the owner of the provider of this solution since 2018.
Trust Wallet (TWT) exchange rate shot up
The difficult situation, the strained trust in exchanges, and the rapid growth of the wallet caused the coin behind it to shoot up. In just five days, TWT made an increase of more than 160%. It started its rally around $1.04 to reach the $2.74 level. At the time of this writing, we are seeing TWT consolidating, taking place around $2.10. Depending on market developments, it can be assumed that the coin’s high volatility has the right to be sustained.