After starting its journey as an Ethereum-only wallet, and then subsequently making the transition over to a multi-currency wallet, there appears to be no stopping the team at Trust Wallet.
The platform has taken yet another giant leap in the cryptocurrency arena by integrating the long awaited Binance DEX into its wallet.
Benefits for Trust Wallet Users
Users of Trust Wallet will now be accustomed to a range of benefits from the Binance DEX integration. First and foremost – and fully in-line with the key selling point of decentralized exchanges, Trust Wallet users will be able to exchange digital assets without the need to use the services of a centralized authority.
Although trading activities on the Binance DEX are minute in comparison to its bigger brother, the platform is already experiencing triple-digit volume growth. Moreover, the Binance DEX was launched less than two months ago.
Nevertheless, by alleviating the role of a centralized exchange, users will maintain complete ownership of their cryptocurrency assets, not least because users, and only users, will be in possession of their respective private keys.
Viktor Radchenko – Trust Wallet founder, explained that “One of the essential needs for a working crypto economy is to have the ability to swap or exchange your digital assets.“
Trust Wallet is primarily a mobile wallet platform. However, in order to ensure that those preferring desktop devices are not alienated, the team at Trust Wallet recently formed a partnership with WalletConnect.
In a nutshell, not only does this give Trust Wallet users the option of accessing all wallet services via their desktop device, but they can also engage with the Binance DEX. To ensure that the WalletConnect integration keeps private keys and recovery phases ultra-secure, users can choose to receive notifications via their mobile device.
In doing so, Trust Wallet users can choose to approve or reject a transaction request – subsequently adding an additional layer of security.
Anonymous Exchange of all Supported Binance DEX Coins
A further benefit available to Trust Wallet users is that they will be able to swap tokens in an anonymous manner. This is further amplified by the fact that Trust Wallet does not have access to its user’s personal information.
As noted earlier, as the Binance DEX is less than two months old, it is still well behind the main Binance platform in terms of supported coins. However, it’s likely that the DEX will continue to support more coins as it grows in age.
Interestingly, with the Harmony (ONE) token becoming the first cryptocurrency to be listed on both Binance and the Binance Chain, the token is now trading at more than 800% higher than its IEO price.
Is This the Start of DEX Adoption?
While the underlying concept of DEX platforms is often cited as the future of cryptocurrency exchanges, trading volumes are still just a fraction of its centralized counterpart. However, with the likes of Binance such a dominant force in the cryptocurrency space, its recent launch could be the beginning of wider DEX adoption.