Binance Launches Own Web3 Wallet, Sends TWT Token Down by 7.39%

In the world of cryptocurrency, change is a constant. Recently, Trust Wallet’s token (TWT) faced a significant 7.39% drop in value after Binance launched its competitive Web3 wallet.

Trust Wallet is a platform that allows users to securely store and manage cryptocurrencies in the decentralized finance (DeFi) world. It’s been part of Binance since 2018 when Binance acquired it. The acquisition involved a mix of cash, Binance stock, and a portion of BNB tokens.

TWT’s Recent Ups and Downs

Interestingly, just before Binance’s wallet launch, TWT had been on an upswing, experiencing a remarkable 60% increase in value over the previous week. This surge was partly due to Binance’s announcement of TWT futures listing on its exchange, leading to a significant jump in daily trading volume, from $80 million to a staggering $476 million in just a few days.

During the Binance Blockchain Week conference in Istanbul, Binance introduced its own Web3 wallet. This new wallet is designed for smooth interaction with the DeFi ecosystem and works with multiple blockchains, allowing activities like staking, lending, and borrowing.

But Wait… There’s a Catch!

However, there’s one important detail about this new Web3 wallet – it’s only accessible through Binance’s native app. This might be a challenge for users who don’t have a Binance exchange account or choose not to create one.

Web3 wallets, like the one from Binance, are more than just places to store digital assets. They are integral parts of the Web3 framework, giving individuals greater control over their financial assets and activities in the decentralized digital landscape.