Binance, one of the largest coin exchanges in the world right now, acquired Trust Wallet recently. The move comes at a time when the entity’s focus is to give more control to its clients over their crypto funds.
A statement from Binance confirmed purchase of the Trust wallet services for integration with its platform. This strategic move from Binance will enable the platform to have its own secure wallet via a decentralized app browser whose functionality will require minimal user data. Trust wallet was launched barely a year ago although its potential team has developed a platform that is scalable accommodating up to 20,000 types of Ethereum built altcoins.
Zhao Changpeng, current CEO of Binance was interviewed earlier on about the acquisition and was quite optimistic,
“The users control 100 percent of their funds,” “Now we have both a decentralized and centralized solution for custody.”
The main advantage of using Trust Wallet is its security level in comparison to peers in the industry. This mode of storage within Binance will guarantee that only users hold their private keys hence no other party can access the wallets. However, public-wallet details and personal information for contact purposes may be acquired within the scope of legality the website operates. Trust wallet was anticipating launch an ICO when the year began but has since cancelled the plan citing legal volatility.
“The company has built a reputation for security and has held itself to the guiding principles that it will never access user wallets, hold private keys, and ask for personal information,”
Why does Binance Coin (BNB) continues to rise in a bear market?
Binance (BNB) has been among the altcoins whose price action has been significantly unique in 2018. As it stands, BNB is on a bullish trend while the rest of the crypto market is on a downtrend according to coinmarketcap. Crypto investors in the market have been opting for the USDT and BNB as the safe havens HODL in case a market correction happens overnight.
So what makes the BNB token a favorite for crypto enthusiasts? The most convincing factor at the moment is the coin’s stability despite the volatile nature of its market. However, this stems from a couple of features that distinguish Binance as a coin exchange and the token;
- Cryptocurrency Accessibility
Binance stands out as a coin exchange by providing a wide range of crypto coins for trading against pairs like BTC, ETH & BNB. This has attracted a lot of crypto HODLers and traders to use the platform regularly hence value addition to the BNB tokens.
- Transparency & Cost-friendly
The coin exchange ranks among the cheapest platforms to do your cryptocurrency trades. Lucrative discounts up to 50% are offered to clients transacting with the BNB tokens. Also, the limit set on BNB token supply has set pace for its journey as a store of value within crypto.
- BNB prospects
BNB tokens have proved to be a safer bet for transacting crypto coins in both bullish and bearish momentums. The BNB measurement against its altcoin has a constant value of 1 making it a dependable pair if market correction happens without warning.