The self-custodial cryptocurrency wallet of Binance, Trust Wallet, aims to make cryptocurrency purchases easier through Binance Connect.
The Binance cryptocurrency exchange’s Trust Wallet, a big self-custodial cryptocurrency wallet, has finished a significant integration to facilitate simpler cryptocurrency purchases.
In order to eventually enable customers to buy more than 200 crypto assets straight from credit or debit cards, the Trust Wallet platform has incorporated Binance’s official fiat-to-crypto provider Binance Connect, the company said on Wednesday.
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 must comply with Know Your Customer (KYC) checks akin to those on Binance in order to add money to the Trust Wallet through Binance Connect. “It will preserve a similarly high level and process as Binance’s KYC,” a spokeswoman for Binance told Cointelegraph.
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 Tuesday.
Users will be able to access Web3, or decentralized assets, more easily and seamlessly thanks to the new connection.
“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.
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.”
Binance Connect, formerly known as Bifinity and introduced in March 2022, is a new Binance division 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.
