Binance Launches Binance Web3 Wallet as Trust Wallet (TWT) Price Experiences a 10% Decline

In a significant move to further expand its services and cater to the growing needs of the cryptocurrency ecosystem, Binance, one of the world’s largest cryptocurrency exchanges, has unveiled its latest product, the Binance Web3 Wallet. This new digital wallet is set to become a vital bridge connecting the exchange platform with the rapidly evolving Web3 space.

The Binance Web3 Wallet was officially introduced on the afternoon of November 8, 2023, following earlier hints and teasers from the exchange. This crypto wallet is integrated directly into the Binance mobile application, making it convenient and accessible for Binance users.

Binance’s objective with this new wallet is to create a user-friendly gateway that seamlessly connects the exchange with Web3, offering support for multi-blockchain interaction, facilitating thousands of token transactions, and allowing the use of a wide array of Decentralized Applications (DApps), all within a single wallet application.

Changpeng Zhao (CZ), the CEO of Binance, emphasized the broader significance of Web3 wallets, stating, “Web3 wallets serve not only as digital asset storage but also as an indispensable part of the Web3 space, providing financial autonomy to everyone.”

Some of the standout features of the Binance Web3 Wallet include:

  1. Optimal Cross-Chain Token Swapping: Leveraging the capabilities of Binance Bridge and leading Decentralized Exchange (DEX) platforms, users can efficiently trade a wide variety of tokens across multiple blockchains while maintaining low slippage rates.
  2. Seamless Fund Transfers: Users can easily transfer tokens between the Binance exchange and the Binance Web3 Wallet, as well as between Centralized Finance (CeFi), Decentralized Finance (DeFi), and the Web3 ecosystem.
  3. Enhanced Security Measures: The wallet boasts improved security features to protect users’ assets.
  4. Risk Alerts: Users can receive alerts about potential security risks related to tokens or blockchains through the wallet.

To begin using the Binance Web3 Wallet, users can simply navigate to the “Wallets” tab within the Binance mobile app, select “Web3,” and choose “Create Wallet.”

With the launch of Binance Web3 Wallet, Binance has positioned itself as a direct competitor to established Web3 wallet providers such as MetaMask and Trust Wallet, which are currently among the top choices for cryptocurrency enthusiasts. Notably, Trust Wallet itself is part of the Binance ecosystem, having been acquired by the exchange in 2018.

Binance joins the ranks of other Centralized Exchanges (CEX) like Coinbase and OKX, who have also developed their own Web3 wallet products, offering DeFi functionalities within their platforms. This move provides users with more options and flexibility to engage in the growing Web3 space.

TWT/USDT 4 hours-chart on Binance | Source: TradingView

The cryptocurrency market reacted somewhat indifferently to this news, with the price of Binance Coin (BNB) trading around $247 at the time of the announcement. Meanwhile, Trust Wallet’s native token, TWT, experienced a significant drop of over 12% within a 24-hour period. However, it’s important to note that TWT had recently surged by a remarkable 30% in just two days prior to this development.

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