Trust Wallet Token (TWT), the native token of Trust Wallet, experienced a significant 7% decline in value following the launch of Binance’s own competitive Web3 wallet. This decline comes after Binance’s acquisition of Trust Wallet in 2018.
Current TWT Status
According to Coinstats, Trust Wallet Token is currently trading at $1.49, marking a 7% decrease in the last 24 hours.
Binance’s Acquisition and Wallet Features
As reported by TechCrunch, Binance acquired Trust Wallet in 2018 through a combination of cash, Binance stock, and a percentage of BNB tokens. Notably, BNB’s value has significantly increased from $14.80 in July 2018 to $244 at present.
Trust Wallet enables users to store and utilize bitcoins across the DeFi network. Binance’s newly launched wallet shares similarities, supporting 30 distinct blockchains and offering functionalities such as staking, lending, and borrowing.
It is important to note that Binance’s new wallet is accessible exclusively through the platform’s native app. This limitation may pose challenges for users who do not possess or opt not to sign up for a Binance exchange account, potentially hindering widespread adoption.
Market Response and TWT Futures
Prior to the launch of Binance’s wallet, TWT experienced a positive week, witnessing a surge of over 60% since the previous Wednesday. Binance further bolstered TWT’s market presence by announcing the listing of TWT futures on its exchange, leading to a substantial increase in daily trading volume from $80 million to approximately $476 million on Monday.
Trust Wallet’s Role Moving Forward
Despite Binance’s wallet launch, it remains unclear what role Trust Wallet will play in the ecosystem. Binance has yet to provide a response regarding Trust Wallet’s position alongside the release of its own Web3 wallet.
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