Coinfeeds Daily → Binance Launches Self-Custody Crypto Wallet, Impacting TrustWallet's TWT

Binance Launches Self-Custody Crypto Wallet, Impacting TrustWallet's TWT

Published: Nov 08, 2023 | Last Updated: Nov 08, 2023
Howard Kane

Binance introduces a secure and user-friendly crypto wallet, causing market turbulence for TrustWallet's TWT token

Binance Launches Self-Custody Crypto Wallet

Binance, the world's leading cryptocurrency exchange, recently unveiled a self-custody crypto wallet at a conference held in Turkey. The new wallet is designed to facilitate user interaction with web3, the decentralized internet powered by blockchain technology, without the typical hurdles associated with seed phrases and complex onboarding processes.

The wallet's security is bolstered by multi-party computation technology, which divides private keys into three smaller parts. This approach significantly reduces the risk of compromise, providing users with a safer platform for their digital assets. Binance's goal with this launch is to drive web3 adoption and lower the entry barriers for users seeking full self-custody of their assets.

Impact on TrustWallet's TWT

Following the announcement of Binance's new wallet, TrustWallet's native token, TWT, experienced a 7% drop. TrustWallet, which was acquired by Binance in 2018, also offers a platform for users to store and utilize cryptocurrencies across the DeFi ecosystem.

Prior to the release of Binance's wallet, TWT had a strong performance, with its value increasing by over 60% within a week. However, the introduction of Binance's new wallet, which is only accessible via the platform's native app, has raised questions about TrustWallet's role and future within the Binance ecosystem.

Key Takeaways

Binance's new self-custody crypto wallet represents a significant step towards making web3 more accessible and secure for users. However, the launch has also caused some market turbulence, particularly for TrustWallet's TWT token. As the crypto landscape continues to evolve, users and investors should keep a close eye on developments and adjust their strategies accordingly.

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