Binance Launches Multi-DEX Support for Trust Wallet with Kyber Network
Major crypto exchange Binance has added support for multiple decentralized exchanges to its Trust Wallet by integrating with the Kyber Network protocol.
The development was revealed in an official announcement shared with Cointelegraph on July 24.
As previously reported, Binance acquired Trust Wallet — an open-source, decentralized wallet that initially offered native support for Ether (ETH) and Ethereum-based tokens — in summer 2018. After extending the wallet’s support to multiple cryptocurrencies, Binance released the wallet on its non-custodial platform Binance DEX this June.
Following integration with the Kyber Network liquidity protocol — a dedicated platform for cross-token trading solutions — users will have access to the wider DEX ecosystem and be able to exchange cryptocurrencies using a Multi-DEX and interface without an order book, the announcement outlines.
In spring, Binance revealed details of its roadmap for Trust Wallet, indicating that it plans to support tokens based on protocols using proof-of-stake (PoS) consensus algorithms, offer staking services and integrate layer-2 payment protocols such as Lightning Network.
Interoperability, decentralized solutions
Interoperability has gained traction among protocol builders and industry firms keen to prevent the eventuality of a siloed blockchain landscape and foster frictionless trading and application development.
This summer, Chinese blockchain platforms Ontology and NEO have partnered to create an open, global cross-chain platform and Ethereum Classic (ETC) incubator ETC Labs revealed its plans to create a solution for Ethereum (ETH)/ETC interoperability in collaboration with Metronome (MET).
A report published at the start of this year showed that despite a significant uptick in the creation of DEXs last year, their centralized counterparts continue to control the lion’s share of global industry trade volumes.