Place/Date: - December 22nd, 2020 at 10:01 am UTC · 3 min read
Contact: Binance, Source: Binance
Binance just executed the largest Trust Wallet Token (TWT) airdrop in history, worth millions of dollars based on the market price at the time of execution to a large group of Binance account holders to help educate them about the value of taking custody of their cryptocurrency.
The airdrop was sent to every Binance user that completed a spot, margin or futures trade between 2020/12/14 0:00 AM (UTC) – 2020/12/21 0:00 AM (UTC).
Viktor Radchenko, Trust Wallet Founder, said:
“Distributing TWT tokens to Binance users will bring more awareness, education and access to non-custodial wallets. It opens up opportunities for people to learn about DApps, Governance and the benefits of truly decentralized financial services.”
With more than 5 million downloads, Trust Wallet has become an ideal method for cryptocurrency holders looking to take self-custody of their digital assets. By distributing TWT, Trust Wallet is helping people learn the importance of being in complete control of their crypto.
Self-hosted wallets allow people to store, send and receive cryptocurrency. They’re essentially personal digital bank accounts for your cryptocurrency. More specifically, crypto wallets are software that store the public and private keys that let users manage their digital currency holdings and interact with blockchain networks.
Trust Wallet, is a non-custodial mobile wallet app that was acquired by Binance in 2018. TWT was created to increase adoption and understanding of cryptocurrencies. The large airdrop comes a few months after the move to burn 89 billion native TWT tokens worth $2.3 billion, reducing the supply to 1 billion.
CZ, Binance Founder, said:
“It was the most effortless sequence of tasks. But if you pause to think about it. More than 2 billion USD in value, transferred in seconds, then destroyed, is just mind blowing.”
Viktor Radchenko, Trust Wallet Founder:
“Back in March 2020 the TWT token experiment began, allowing any Trust Wallet user to earn tokens by social mining [referring new crypto users and educating them about crypto]. 6 months later, TW community members have an option to propose ideas and support others.”
The TWT governance votes in October and November had the most participants of any proposals on the snapshot governance platform. The recent vote about providing liquidity to the Binance Smart Chain project, PancakeSwap, had more than 10M TWT staked (around $1M in dollar terms) and over 1000 participants.
We hope that by putting TWT into the hands of crypto traders, they will learn more about non-custodial wallets and how to take control of their funds.