Binance Web3 Wallet Announcement Impacts TWT Token

During the Web3 and blockchain event in Istanbul, Binance, the world’s largest cryptocurrency exchange, made a significant announcement. Binance Regional Markets President Richard Teng unveiled the Binance Web3 Wallet in his opening speech, bridging the gap between the Web3 and blockchain world.

However, this announcement had immediate consequences for TWT, the token of Trust Wallet, a popular Web3 wallet. Following Binance’s announcement, TWT started to lose value rapidly.

After Binance, the exchange that acquired TrustWallet in 2018, launched its own Web3 wallet, TWT plummeted by up to 18%. This drastic drop was a direct result of the introduction of Binance’s Web3 wallet.

At the time of writing, TWT is being traded at $1.41, down from its previous value of $1.71. Prior to the announcement, TWT had experienced a notable increase, rising by 60% since the beginning of November to reach $1.83. Binance further added to the volatility by announcing the listing of TWT on futures.

It’s worth noting that Trust Wallet was acquired by Binance in 2018 through a deal that included a combination of cash, Binance shares, and BNB tokens.

Conclusion

The unveiling of Binance Web3 Wallet at the Istanbul event had a significant impact on the cryptocurrency market, particularly on TWT token. As the market continues to react to this development, investors and traders are advised to stay updated on the latest news and trends to make informed decisions.

Key Takeaways

• Binance introduced the Web3 Wallet during the Web3 and blockchain event in Istanbul.
• TWT, the token of Trust Wallet, experienced an 18% decline in value after Binance’s announcement.
• TWT dropped from $1.71 to $1.41 following the launch of Binance Web3 Wallet.
• Binance also listed TWT on futures, contributing to the market volatility.
• Trust Wallet was acquired by Binance in 2018 through a deal involving cash, Binance shares, and BNB tokens.