- Binance-owned Trust Wallet has introduced Wallet as a Service (WaaS), a platform allowing businesses to offer various decentralized services to their users.
- Trust Wallet claimed that the Binance newly launched Web3 wallet is a product of its WaaS technology.
- Trust Wallet Token (TWT) experienced fluctuations due to these developments.
Trust Wallet, a decentralized wallet provider owned by Binance, has introduced Wallet as a Service (WaaS), a platform allowing businesses to offer various decentralized services to their users amidst Binance’s launch of its first self-custody wallet, the Web3 Wallet.
Trust Wallet’s WaaS enables a wide range of clients, from Web3 operators to startups and traditional businesses, to swiftly onboard users onto the decentralized web. WaaS drastically reduces development time, facilitating the quick launch of secure and user-friendly decentralized applications.
Furthermore, Trust Wallet also claimed that the Binance newly launched Web3 wallet unveiled during the company’s Blockchain Week in Istanbul is a product of its WaaS technology. A part of the announcement said:
Designed to simplify and secure the Web3 journey, the Web3 wallet allows Binance’s vast user base to navigate the decentralized space safely, with user-friendly processes that remove the complexity of seed phrase management and onboarding.
Similar to Trust Wallet, Binance’s Web3 Wallet allows users to engage in various decentralized finance (DeFi) activities. The wallet, however, highlights that it can support staking, lending, and borrowing across 30 blockchain networks.
In 2018, Binance acquired Trust Wallet in a deal involving cash and BNB tokens. In the aftermath of Binance launching its own crypto wallet, there may be questions as to whether the company will shut down Trust Wallet in the near future.
Meanwhile, Trust Wallet Token (TWT), a utility token used within the Trust Wallet platform, experienced fluctuations due to these developments. CoinMarketCap indicated that TWT’s value saw a 17% decrease after reaching $1.71 throughout the past day, which caused its trading price to fall to as low as $1.41. At press time, TWT was changing hands at $1.53.
Nonetheless, Trust Wallet Token’s price predictions indicate positive growth, with projections reaching $2.6 in 2023. A TWT price prediction by Coin Edition shows a bullish outlook for the token by next year that ranges from $2.0182 to $2.4528. Moreover, TWT’s price is also expected to reach $66.9671 by 2030 and $260.47 by 2050.
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