Trust Wallet's TWT Falls as Parent Company Binance Releases Web3 Wallet

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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

in 2018 in a deal that included a mixture of cash, Binance stock and a portion of BNB tokens, according toTrust Wallet is a product that lets users store and use cryptocurrencies across the decentralized finance 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, BinanceWhen 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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