BlockBeats reported that on November 7th, according to market data, TWT rose to 1.7 US dollars and then fell back. At the time of writing, it was priced at 1.6 US dollars, with a 24-hour increase of 21%.

Binance may officially launch its Web3 wallet tomorrow

Before this, Binance officially released a new teaser on social media, indicating that a new product may be launched on November 8th, with the caption "Attracting the key to the next billion-level users."

Yesterday, Binance was gray testing its in-app Web3 wallet product, which currently has basic Web3 wallet functionality. Users can easily transfer Binance platform assets to the Web3 wallet. By finding the previous DeFi entry, the Web3 wallet can interact with more DeFi protocols and become a complete Web3 wallet.

Related reading: "Binance Web3 wallet first experience, better than OKX?"

It is worth noting that, like previous DeFi wallets, the Binance Web3 wallet uses MPC technology, which means that users do not need to store mnemonic phrases. According to Binance's official introduction, if you need to export the private key, you can use the "emergency export" function, but the exported Web3 wallet will no longer be available for use, so it is necessary to properly keep the private key. Once lost, the funds will be permanently lost.

Overall, Binance's current Web3 wallet seems somewhat immature, with a cumbersome user interface and significant overlap with previous DeFi wallets. Perhaps the Web3 wallet product is still undergoing updates and has not yet reached its final version.

Trust Wallet has been acquired by Binance

Binance announced its acquisition of multi-chain wallet Trust Wallet in August 2018. Binance's Web3 wallet is also built on Trust Wallet (TWT).

Meanwhile, the Chinese channel of Trust Wallet forwarded a tweet from BlockBeats, mentioning that Binance's Web3 wallet is supported by the Trust Wallet team.

In April of this year, Trust Wallet announced a partnership with wallet identity verification infrastructure Web3Auth. Trust Wallet's newly deployed MPC solution is supported by Web3Auth, eliminating the need for manually writing down mnemonic phrases and protecting user private keys from human error and single point of failure.

In the future, users will be able to access Trust Wallet services quickly and easily using their Google, Apple, Telegram, and Discord accounts, significantly reducing the entry barrier for new Web3 users.

In July, Trust Wallet released mobile version v9.1. The update includes adding a "Swap" menu item, adding ERC-20 stablecoin support for THORChain transactions, expanding support for Injective, Stargaze, and Cronos Staking, and adding blockchain support for Kumasa, including staking. In addition, Trust's plugin wallet update includes: adding support for Cosmos chains, including Cosmos Hub, Evmos, Neutron, and Osmosis; updating the user staking interface and adding SOL staking.

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