In the last 24 hours, TWT, the native token that represents Trust wallet, a self-custodial crypto wallet, has posted a gain of 47% according to data collected by Coingecko. It is also worth noting that token holders are given discounts on in-app purchases, as well as the chance to vote on proposals for the wallet itself.
Binance’s Role
At the time of this writing, TWT is trading around $2.33 per coin, down slightly from its all-time high of $2.30 set earlier in the day. It is worth noting that TWT has gained nearly 150% in the past week.
It is now the 45th largest cryptocurrency, based on its market capitalization, which is slightly above $849 million.
Changpeng Zhao, a crypto billionaire and co-founder of Binance, tweeted about how important self-custody is and encouraged users to use the trust wallet, fuelling the token’s rally to unprecedented levels. It was announced in 2018 that Binance had acquired Trust Wallet.
We are not just a CEX. We offer choices.
Store crypto yourself? Read this article I wrote from 2 years ago. The 15 minutes read will save you money and headache later. @TrustWallet
Read the same article if you use a CEX, too. @binancehttps://t.co/Kp6VeKirgZ
— CZ 🔶 Binance (@cz_binance) November 13, 2022
Traders can buy, sell, and collect NFTs using TWT as a utility token on Trust Wallet, which includes the option to trade and stake cryptocurrencies. In other words, TWT is typically used by exchanges as an trading token, whereas Trust Wallet is a personal wallet that allows users to independently control their funds.
As a result, it is likely that Trust Wallet emerged as a way for traders to exit centralized exchanges after the FTX fiasco caused traders to withdraw their funds, which resulted in a surge in TWT’s price.
While some users may criticize Trust Wallet and the fact that Binance owns the wallet, it has become a more popular wallet in the past few months.
There are many experts that recommend this wallet as being one of the best wallets for holding your assets. In the application, there are a variety of offers that make it suitable for those who are interested in holding coins or even swapping them with others.
There may have been a shift in the mood in the cryptocurrency wallet sector with the recent jump in the TWT chart. The number of wallets offering their coins is expected to increase, especially those that are popular like MetaMask, which is already doing so.
The use of self-custody wallets like Trust or MetaMask will probably increase in popularity even after the challenges of FTX and CEX have been resolved. As a consequence, the price of native tokens on these platforms may be expected to rise even more.
It is true that some people may say that these wallets aren’t completely trusted, either. In order to hold cryptocurrency tokens, these experts always prefer to use hardware wallets.
