Following the collapse of FTX and the bank run on crypto exchanges in general, the self-custody Trust Wallet is gaining momentum. In one week, the company launched its long-anticipated browser extension and collaborated with Binance Pay and Coinbase Pay, whose users can now transfer their funds directly to a Trust Wallet account.
The browser extension was launched on Nov. 14 and is now available in Google Chrome and Opera. The extension lets users store, send and receive crypto across all Ethereum Virtual Machine (EVM) chains and Solana. A network auto-detect function provides users with a seamless DApp experience without the need to manually add networks.
The extension also includes multi-wallet support, NFT support, fiat on-ramp providers, and non-EVM blockchain integrations, as well as hardware wallet support.
On Nov. 16, the world’s biggest crypto exchange, Binance, reported the launch of Binance Pay’s Trust Wallet integration. Now, Binance users won’t have to scan or input a wallet address, having their Trust Wallet among the direct withdrawal options, and it won’t cost anything above the blockchain gas fees. At the time of publication, the function is supported solely on the Trust Wallet app’s Android version, but Binance said the iOS version would arrive “soon.”
The same integration will work with Coinbase Pay. According to Bipul Sinha, group product manager at Coinbase, an ability for users to easily fund their self-custody wallet or DApps corresponds with the company's mission to "build a bridge to Web3."
Related: 3 barriers preventing Web3 mass adoption — Trust Wallet CEO
Earlier, Binance CEO Changpeng Zhao publicly endorsed Trust Wallet, stating that “self-custody is a fundamental human right.” The move comes as no surprise, given that Binance owns the U.S.-founded wallet provider since 2018.
As of Nov. 15, Trust Wallet Token (TWT) has surged by nearly 150% in six days, bucking the downturn in the cryptocurrency market, whose net capitalization has crashed by almost $100 billion in the same period. Meanwhile, the token’s trading volume has soared from 279 million TWT to 593.25 TWT in the same period, showcasing the market’s conviction in this uptrend.