Binance bought Trust Wallet in 2018 using money and BNB tokens, which were worth $14.80 at that time. The value of BNB has since increased to $244.
Trust Wallet’s special coin, TWT, decreased by 7% when Binance, the company that bought Trust Wallet, launched its own similar Web3 wallet.
Trust Wallet is a tool that helps people manage different types of digital money in the decentralized finance world. Binance’s new wallet is very much like Trust Wallet and works on 30 different digital money systems. It helps people do things like staking, lending, and borrowing money.
One difference is that the new Binance wallet can only be used through their own app, which might not be good for people who don’t use or want a Binance account.
Before Binance introduced its new wallet, TWT had been doing well, going up by more than 60% last week. Binance also said they’d start trading TWT’s future values on their platform, making a lot of money—going from $80 million to about $476 million in a day.