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Trust Wallet's TWT Falls as Parent Company Binance Releases Web3 Wallet
Binance acquired Trust Wallet in 2018 in a deal that included cash and BNB tokens, which at the time were worth $14.80.
Updated Nov 8, 2023, 8:17 a.m. Published Nov 8, 2023, 7:47 a.m.
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Trust Wallet's native token [TWT] fell 7% after Binance, the exchange that acquired Trust Wallet in 2018, released its own competing Web3 wallet.
The token is currently trading at $1.49, dropping 7% over the past 24 hours, according to CoinMarketCap.
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The wallet was acquired by Binance in 2018 in a deal that included a mixture of cash, Binance stock and a portion of BNB tokens, according to TechCrunch. The value of BNB in July 2018 was $14.80, now trading at $244.
Trust Wallet is a product that lets users store and use cryptocurrencies across the decentralized finance (DeFi) ecosystem. Binance's newly unveiled wallet is very similar; it will work across 30 different blockchains and can be used for staking, lending and borrowing.
One difference, however, is that the new wallet is only accessible via the platform’s native app, which could be restrictive to users who don't have or don’t want to sign up for a Binance exchange account.
TWT token experienced a positive week before Binance’s release, rising by more than 60% since last Wednesday. Five days ago, Binance announced the listing of TWT futures on its exchange, which saw its daily volume increase from $80 million to around $476 million on Monday.
When asked what role Trust Wallet will have alongside the release of Binance’s wallet, a Binance spokesperson did not immediately respond.
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The bank of the future: 77% of stablecoin users say they’d open a wallet with their bank today
YouGov survey published by Coinbase and BVNK also found that 71% of users would use a stablecoin-linked debit card as a means of spending them.
What to know:
- Some 77% of the survey's 4,658 respondents said they would open a cryptocurrency or stablecoin wallet within their banking or fintech app if one were available.
- A survey commissioned by crypto exchange Coinbase and stablecoin infrastructure provider BVNK also found that 71% of users would use a stablecoin-linked debit card to spend the fiat-linked tokens.
- Stablecoin users on average hold 35% of their annual earnings in such tokens, and 73% of freelancers and contractors reported an improvement in their ability to work with international clients thanks to stablecoins.
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