Business 13 March 2019Erik Gibbs
Binance’s decentralized wallet supports XRP, credit card payments
Cryptocurrency exchange giant Binance is gaining ground among its competitors and is quickly becoming a global force behind crypto adoption. It has launched operations around the globe and, most recently, hinted that it was ready to introduce a fiat-to-crypto exchange in Argentina. Now, the third largest crypto exchange by volume has made changes to its decentralized wallet that should make it more appealing to global crypto enthusiasts.
The wallet, dubbed the Trust Wallet, now supports Ripple’s XRP. Binance acquired Trust Wallet in July 2018 and now provides support for 17 digital currencies, as well as many decentralized applications (Dapps). At the time, it only supported Ether (ETH) and Ethereum-based coins, but Binance has enabled support for Bitcoin Core (BTC) and other coins as it has moved to make the wallet more flexible.
The wallet now also allows users to buy crypto with credit cards. This essentially means that the wallet could also function as a decentralized exchange and the wallet’s founder, Viktor Radchenko, explains, “We want to increase access to crypto and decentralized applications for all users. Adding credit card payments is one piece to furthering cryptocurrency adoption and realizing our larger vision in helping to bring the freedom of money, and we will continue to integrate more blockchains and features to Trust.”
The credit card payment capability has been facilitated through a partnership with Simplex, a payments processor out of Israel. That partnership has been in the works since this past January and Binance CEO Changpeng Zhao had said at the time, “We want to provide Binance traders with fast and easy access to crypto, in the most secure way possible. Partnering with Simplex allows us to instantly bridge the gap between credit card payments and crypto for traders globally. On Binance.com, you can now buy crypto with credit cards and start trading in minutes.”
The Trust Wallet allows users to handle virtually any type of crypto activity. They can buy, sell and store their assets, as well as send and receive the supported coins. The wallet also includes Web3, a browser designed to allow interactions with Dapps.
Binance is making the final preparations for its new Binance DEX, a decentralized exchange. The exchange is expected to be introduced sometime during the second quarter of this year and the Trust Wallet will become a native wallet to the exchange.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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