FTX Collapse Brings Together Coinbase and Binance via Trust Wallet

UTC by Steve Muchoki · 3 min read
FTX Collapse Brings Together Coinbase and Binance via Trust Wallet
Photo: Depositphotos

Following the Binance Pay and Coinbase Pay integration, the Trust Wallet token (TWT) price has gained over 20 percent in the past 24 hours to trade around $2.24.

While everyone else has complained about the FTX fallout, Binance and Coinbase Global Inc (NASDAQ: COIN) have come together to lead the industry towards easier and safer Web3 adoption. According to a document shared with Coinspeaker, Trust Wallet, Binance’s self-custodian and multi-chain wallet provider, has announced integration with Binance Pay and Coinbase Pay. Reportedly, the goal is to bridge centralized and decentralized wallets to create a more open ecosystem.

Binance Pay and Coinbase Pay Taps on Trust Wallet

Eric Chang, Head of Product at Trust Wallet, said, “Our goal at Trust Wallet is to make crypto and DeFi very easy to use for everybody. With the addition of Binance Pay and Coinbase Pay, we want to introduce simpler and cheaper ways for people to access web3 while reducing as much of the friction as possible from the user journey.”

Following the Binance Pay and Coinbase Pay integration, the Trust Wallet token (TWT) price has gained over 20 percent in the past 24 hours to trade around $2.24. Additionally, the TWT price has gained approximately 115 percent in the past seven days, according to our latest onchain crypto price oracles.

Notably, the TWT token has risen to the top 50 digital assets by market capitalization, whereby it enjoys a valuation of approximately $925,694,941.

As a non-custodial platform, Trust Wallet is meant to increase confidence in the crypto industry following the FTX collapse. Moreover, Coinbase and Binance are the top centralized exchanges by daily global traded volume.

Jonathan Lim, Global Head of Binance Pay, said:

“…. Trust Wallet is the first decentralized wallet we supported, Binance Pay looks forward to becoming the key access to Web3 by bridging the worlds of CeFi and DeFi.”

Speaking on the matter, Bipul Sinha, Group Product Manager at Coinbase, said that Trust Wallet integration is part of its bigger picture of onboarding more users via Web3 ecosystems.

Takeaway Points

Trust wallet allows users to store and manage over 8 million crypto assets, including tokens and NFTs, across 70+ blockchains. Worth noting that Trust Wallet is used by over 60 million people worldwide with 10 million Monthly Active Users, hence making it the most prominent mobile wallet in the world.

Binance Pay takes pride in over $12 billion in total volume spanning 17 million transactions. Additionally, Binance Pay has amassed more than 7,000 merchants and millions of users worldwide. On the other hand, Coinbase Pay supports 60+ fiat and 200+ cryptocurrencies.

Through their integration, blockchain and crypto assets adoption has gone to another higher level. Moreover, crypto users can access seamless trading services across more blockchains in a secure manner.

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Steve Muchoki

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