Binance-owned Trust Wallet adds buy option via Binance Connect
Trust Wallet, a major self-custodial cryptocurrency wallet owned by the Binance crypto exchange, has completed a significant integration to enable easier crypto purchases.
The Trust Wallet platform has integrated Binance’s official fiat-to-crypto provider Binance Connect, allowing users to purchase more than 200 crypto assets directly from credit or debit cards, the firm announced to Cointelegraph on June 22.
Trust Wallet’s new crypto buy option is designed to simplify the process of buying crypto, enabling verified Trust Wallet users to fund their wallet with more than 40 fiat currencies.
In order to add funds on Trust Wallet via Binance Connect, users will need to proceed with the similar Know Your Customer (KYC) checks to those on Binance. “It will keep a similarly high standard and process as Binance’s KYC,” a spokesperson for Binance told Cointelegraph.
The fee for adding deposits on Trust Wallet via Binance Connect is 2%, the representative noted.
The integration is available to all Trust Wallet customers except those located in restricted countries like the United States, Singapore, China, Canadian Ontario, Cuba, Belarus, Crimea and others. The integration went live on June 21, according to the spokesperson.
The new integration is designed to provide a seamless and simplified method for users to access Web3, or decentralized assets. “Previously, Web3 users needed to undergo a long process to buy crypto on the blockchains directly. They had to do it through different centralized exchanges before finally sending their assets onto a blockchain,” the announcement reads.
Binance did not elaborate on benefits and drawbacks of funding an account on Trust Wallet versus adding funds on the Binance exchange. The representative only stated:
“It depends on how you wish to use your crypto, by using Trust Wallet, it will be an easier way to get the crypto assets on different blockchains and enter the Web3 world.”
Formerly known as Bifinity, Binance Connect is a new Binance’s subsidiary focused on fiat-to-crypto payments technology, launched in March 2022. Bifinity subsequently received a warning from the United Kingdom’s Financial Conduct Authority regarding the firm’s partnership with the investment firm Eqonex.