The native token of Trust Wallet, Trust Wallet Token (TWT), declined 7% in value after Binance launched its own Web3 wallet. Binance had acquired Trust Wallet in 2018.
Key Takeaways
- Trust Wallet Token (TWT), the native token of Trust Wallet, experienced a 7% drop in value following the launch of Binance’s Web3 wallet.
- Binance had acquired Trust Wallet in 2018, and the release of its own competitive wallet has led to market speculation about Trust Wallet’s role in the Binance ecosystem.
- Trust Wallet Token was trading at $1.49 at the time of the report.
- Trust Wallet Token (TWT) faced a 7% decrease in its value as Binance unveiled its own Web3 wallet, raising questions about the token’s role within the Binance ecosystem.
Trust Wallet Token’s Decline
Binance had acquired Trust Wallet in 2018 through a deal involving cash, Binance stock, and a percentage of BNB tokens. BNB’s value has surged significantly since then, from $14.80 in July 2018 to $244.
⚙️ Binance presented a Web3 wallet for interaction with the DeFi segment.
— Ivan Umrikhin (@IvanUmrikhin) November 8, 2023
It supports 30 blockchains. Users can create a wallet through the Binance mobile app. Amid the announcement, Trust Wallet Token (TWT) fell by 12%. pic.twitter.com/9xlSHqmWio
Trust Wallet allows users to store and utilize cryptocurrencies across the DeFi network. Binance’s newly launched wallet offers similar features, supporting 30 different blockchains and enabling activities like staking, lending, and borrowing.
Binance’s new wallet is accessible exclusively through the platform’s native app, potentially limiting its use for individuals without a Binance exchange account.
TWT’s Recent Performance
Before the launch of Binance’s wallet, TWT had experienced a positive week, with a more than 60% surge in its value since the previous Wednesday. Binance’s announcement of TWT futures listing on its exchange contributed to a significant increase in daily trading volume.
The report mentions that there has been no response from a Binance spokesperson regarding Trust Wallet’s role in light of the new Binance wallet’s release.
To Conclude
The decline in Trust Wallet Token’s value following the launch of Binance’s Web3 wallet has led to speculation about the relationship between the two platforms and the future role of Trust Wallet within the Binance ecosystem. Trust Wallet had experienced positive momentum in the days leading up to this development.
