Trust Wallet, the industry’s leading provider of self-custodial and multi-chain wallets, recently announced integrations with Binance Pay and Coinbase Pay. These integrations will allow users to make streamlined cryptocurrency transfers from their respective Coinbase or Binance accounts, as well as enable better accessibility to Web3.
When moving cryptocurrency from centralized exchanges, Trust Wallet customers, particularly beginners, run into a number of problems. In the past, this procedure was laborious and involved a number of stages. Users were required to manually input addresses, toggle between applications, and select the right network in order to successfully execute a transfer. However, the Binance Pay and Coinbase Pay integrations give a solution to many of these problems.
Eric Chang, Head of Product at Trust Wallet said: “Our goal at Trust Wallet is to make crypto and DeFi very easy to use for everybody. With the addition of Binance Pay and Coinbase Pay we want to introduce simpler and cheaper ways for people to access web3 while reducing as much of the friction as possible from the user journey.”
Aiming To Bridge Centralized And Decentralized Wallets
It is estimated that about 60 million individuals throughout the world use Trust Wallet. In addition, there are 10 million people who use it on a monthly basis, making it the most popular mobile wallet in the world. Users no longer need to type in or scan any address because these new integrations have eliminated the need for it. They can make cryptocurrency transfers in just a few simple steps, which enables them to instantly deposit cryptocurrency into Trust Wallet from their accounts on Binance or Coinbase.
Jonathan Lim, Global Head of Binance Pay: “Binance Pay is excited to be integrated with Trust Wallet to simplify the process for users to transfer their crypto assets between two services. Trust Wallet is the first decentralized wallet we supported, Binance Pay looks forward to becoming the key access to Web3 by bridging the worlds of CeFi and DeFi.”
The integrations’ primary goals are to build a bridge between centralized and decentralized wallets, so making possible a more open digital ecosystem in which users may enjoy the advantages offered by both CeFi and DeFi. This significant development also aims to make it simpler for more people to get started using Web3.
Bipul Sinha, Group Product Manager at Coinbase: “At Coinbase, we’re looking to build a bridge to web3, bringing more people the benefits of seamless access to the crypto economy. We designed Coinbase Pay to make it easier than ever for users to get web3 ready, with the ability to fund their self-custody wallet or dApps in a few easy steps. We’re excited to work with leaders like Trust Wallet to bring this ease to the ecosystem.”
Crypto Transfers Made Easy And Secure
Trust Wallet is a convenient, true multi-chain non-custodial wallet that enables users to store and manage over 8 million digital currencies, including tokens and NFTs, across 70 or more blockchains. Since it is a non-custodial wallet, Trust Wallet does not hold any of the cryptocurrency for users. With Trust Wallet, holders will no longer need to store their assets in a variety of wallets or exchanges.
They’ll be able to relax knowing that all of their assets are stored in a single, secure location that they have complete command over. Since users’ private keys are always kept on their devices and their assets are always recorded on the blockchain, they have complete control over everything at all times. Users can connect to dApps using Trust Wallet’s built-in DApp browser in addition to directly buying, swapping, and staking their favorite cryptocurrencies without having to exit the app.
Binance Pay is a contactless, borderless, and seamless user-to-user crypto payment service that lets users send and receive cryptocurrency payments. Through the usage of Binance Pay, consumers and merchants are able to send and receive cryptocurrency payments anywhere in the globe without having to pay any additional fees associated with the use of cryptocurrency. To this day, Binance Pay has registered a total volume of over $12 billion, encompassing 17 million transactions, over 7,000 merchants, and millions of users.
Coinbase Pay enables users of Web3 who already have a Coinbase account to simply finance a self-custody wallet or dApp. Using the cryptocurrency balance or preferred mode of payment stored in their Coinbase accounts, users are able to make purchases or transfers straight from within their wallet or dApp. In addition, Coinbase Pay supports over 60 different fiat currencies and over 200 different cryptocurrencies.