Trust Wallet Token (TWT), the native token of Trust Wallet, declined 7% in value when Binance released its own competitive Web3 wallet. Binance had acquired Trust Wallet in 2018.
According to Coinstats, Trust Wallet Token is currently trading at $1.49, down 7% in the last 24 hours.
Trust Wallet Token Price Chart | Source: Coinstats
According to TechCrunch, Binance purchased the wallet in 2018 for a combination of cash, Binance stock, and a percentage of BNB tokens. BNB was worth $14.80 in July 2018 and is now worth $244.
Trust Wallet allows users to store and utilize bitcoins across the DeFi network. Binance’s new wallet is remarkably similar; it will support 30 distinct blockchains and can be used for staking, lending, and borrowing.
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The new Binance wallet, however, is only accessible through the platform’s native app, which may be restrictive to users who do not have or do not choose to sign up for a Binance exchange account.
TWT had a good week before Binance’s wallet launch, surging by more than 60% since last Wednesday. Binance announced the listing of TWT futures on its exchange five days ago, and the daily volume increased from $80 million to about $476 million on Monday.
When asked what role Trust Wallet will have alongside the release of Binance’s wallet, no response has been received from Binance spokesperson.
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