Leading cryptocurrency exchange Binance’s official wallet software Trust Wallet has integrated support for cross-chain interoperability protocol Kyber Network allowing users of the mobile wallet to have access to multiple decentralized exchanges (DEXs).
Trust Wallet started supporting DEXs last month with the inaugural launch of the Binance DEX, a platform that has been catapulted to the most popular DEX position due to the popularity of Binance as well.
The integration of Binance DEX allowed users of both entities to store their assets on the wallet while trading on the platform eliminating the need for using escrow services when trading on the DEX.
Trust Wallet is now bringing this feature to several other DEXs at least initially those supported by the Kyber Network protocol.
With time, according to the Trust Wallet, it will enable support for all available DEXs in the industry.
“With the integration of Kyber Network Protocol-an on-chain liquidity protocol that uses cross-chain interoperability to aggregate liquidity from cryptocurrency traders, holders, and blockchain ecosystem stakeholders, our users now have access to multiple decentralized exchanges,” an announcement by Trust Wallet read.
The aim of Trust Wallet as detailed in the announcement is to make trading on decentralized platforms much more liquid and seamless.
It keeps up with the wallet’s latest goal of bringing as much support to several digital assets within its ecosystem. Trust Wallet was designed from the start as an Ethereum and ERC-20 compliant applications wallet. However, it was acquired by Binance in July 2018 and soon after it began adding support for more assets.
In a statement, Trust Wallet Founder and CEO Viktor Radchenko said that:
“Our mission is to provide decentralized and trustless access to financial services through a simple and seamless interface. The Kyber Protocol will give all Trust Wallet users more options to instantly trade their assets and tap into a large pool of ERC20 token liquidity.”
This means that most of the leading DEXs are either supported now through the Kyber interoperability protocol or, if not, should be added pretty soon.
“We are always looking ahead and will integrate more projects and protocols within our ecosystem, making crypto more accessible for our users in the process,” he added.
Trade volume for DEX platforms in comparison with the centralized counterparts does not even begin to compare. Over the last 30 days, DEXs saw less than 1% of the total trade volume of their centralized counterparts. Binance DEX has recorded about $8 million over the last 24 hours while Kyber saw an eighth of that volume (about $1 million).
Clearly, DEXs have a long way to go in terms of adoption and providing interoperability is as good a start as any. Having options may drive some users to these platforms as more regulators start to crack down on centralized exchanges across the globe.
