Trust Wallet, a self-custody cryptocurrency wallet, is gaining popularity as a direct consequence of FTX’s bankruptcy and the wider bank run on cryptocurrency exchanges. Within a week, the company published the much-anticipated browser extension and collaborated with Binance Pay and Coinbase Pay to allow clients of both services to transfer funds directly to a Trust Wallet account.
On November 14, Trust Wallet released a new browser extension that is now compatible with the Google Chrome and Opera web browsers. The addon allows users to store, send, and receive bitcoin across all EVM chains and Solana. Users may enjoy a faultless experience while using dApps due to a technology known as network auto-detect, which removes the need for users to manually add networks.
This addon includes support for multiple wallets, non-EVM blockchain connections, fiat on-ramp providers, and hardware wallets. Furthermore, the addon supports several wallets.
On November 16, Binance, the world’s biggest cryptocurrency exchange, announced the addition of Trust Wallet integration for Binance Pay. Binance users who wish to use their Trust Wallet as one of their direct withdrawal options will no longer need to scan or manually input a wallet address. There will be no additional expenditures on top of the blockchain gas fees. The functionality was only enabled on the Android version of the Trust Wallet App at the time of publishing; however, Binance has promised that an iOS version would be available “soon.”
The same connection will be possible with Coinbase Pay. According to Bipul Sinha, Group Product Manager at Coinbase, the company’s goal of “creating a bridge to Web3” is matched with customers’ ability to easily fund their self-custody wallets or dapps.
Previously, Binance CEO Changpeng Zhao publicly supported Trust Wallet, saying that “self-custody is a core human right.” Trust Wallet is a bitcoin wallet. The decision is not surprising given that Binance has owned the wallet service founded in the United States since 2018.
Trust Wallet Token (TWT) had surged by about 150% in only six days by the 15th of November, bucking the negative trend in the cryptocurrency market, whose net capitalization had decreased by nearly $100 billion during the same time period. During the same time frame, the token’s trading volume climbed from 279 million TWT to 593.25 TWT, illustrating the market’s trust in its rising tendency.