Binance exchange’s Trust Wallet, a self-custodial cryptocurrency wallet, has concluded a significant integration with Binance Connect to allow buying more than 200 digital assets with 40 fiat currencies.
The Trust Wallet platform has incorporated Binance Connect, the company’s official fiat-to-crypto supplier, enabling customers to buy more than 200 cryptocurrencies directly using credit or debit cards, the company said on June 22.
By allowing verified Trust Wallet customers to fund their wallets with more than 40 fiat currencies, Trust Wallet’s new crypto buy option streamlines the process of purchasing cryptocurrency.
Users will need to move forward with the same Know Your Customer (KYC) requirements as those on Binance in order to add funds to their Wallet via Binance Connect. According to a spokeswoman for Binance, “it will maintain a similarly high level and process as Binance’s KYC.” The agent mentioned that there is a 2 percent fee for adding deposits to Trust Wallet through Binance Connect.
All Trust Wallet users can access the integration, with the exception of those who reside in prohibited regions including the United States, Singapore, China, Canadian Ontario, Cuba, Belarus, Crimea, and others. According to the spokeswoman, the integration became operational on June 21.
Users will be able to access Web3, or decentralized assets, more easily and seamlessly thanks to the new connection. “In the past, Web3 users had to go through a drawn-out process in order to immediately purchase cryptocurrency on blockchains. Before eventually transferring their funds to a blockchain, they had to do it through various controlled exchanges, the release states.
The advantages and disadvantages of funding a Trust Wallet account as opposed to depositing funds to a Binance exchange account were not discussed in detail by Binance. The only thing the rep said was:
“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.”
Launched in March 2022, Binance Connect, formerly known as Bifinity, is a new Binance subsidiary specializing in fiat-to-crypto payments technology. The Financial Conduct Authority of the United Kingdom later issued a warning to Bifinity on the company’s affiliation with the investment business Eqonex.