Binance Launches Web3 Wallet
Binance has introduced its own Web3 wallet, entering the competition with MetaMask and Trust Wallet, which it acquired in 2018. This move has caused TrustWallet’s native cryptocurrency, Trust Wallet Token (TWT), to plummet nearly 14% within 24 hours of the announcement, trading at $1.45 at 11:08 a.m. EST.
Impact on TrustWallet
The launch of Binance’s Web3 wallet comes shortly after the world’s largest crypto exchange listed a futures market for TWT. This development has affected the value of TWT, causing a significant decline in its price.
Changpeng Zhao’s Statement
During the Binance Blockchain Week conference in Istanbul, Binance CEO Changpeng Zhao emphasized the significance of Web3 wallets, stating that they are more than just storage for digital assets. He highlighted their role in empowering individuals with self-sovereign finance within the Web3 framework.
Hot Take: Binance’s New Web3 Wallet Marks a Shift in Crypto Landscape
The introduction of Binance’s Web3 wallet signals a significant shift in the cryptocurrency landscape, posing as a strong competitor to established platforms like MetaMask and Trust Wallet. The subsequent impact on TrustWallet’s native cryptocurrency, TWT, highlights the potential influence of Binance’s developments on the market. This move demonstrates Binance’s commitment to expanding its offerings and solidifying its position within the crypto industry.
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