Trust Wallet, which is the official wallet of Binance, now affords users the ability to buy digital assets using credit cards.
The new feature added to Trust Wallet comes as a result of the partnership Binance formed with Simplex, a payments processor based in Israel. (Previously, Binance had already enabled the ability to buy cryptocurrencies with credit cards on its exchange platform following the collaboration with Simplex.)
At the same time, Trust Wallet added support for XRP, the third largest cryptocurrency by market capitalization.
Starting out with support solely for Ethereum (ETH) and ERC-20 tokens, Trust Wallet can now be used to store and buy more than 15 cryptocurrencies — in line with some of its major competitors.
Viktor Radchenko, founder of Trust Wallet stated:
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.
Trust Wallet had recently launched its open-source cross-platform wallet library — the Trust Wallet Core — allowing developers to create decentralized applications or wallets for their blockchains without building one from scratch.
— Binance (@binance) March 12, 2019
The acquisition of Trust Wallet by Binance is proving to be a mutually beneficial deal. The former has accelerated its growth by expanding its services to cover multiple digital assets while catering to the latter’s wide user base. On the other side, Binance has been able to quickly catch up with competitors in offering a storage solution for digital assets. This is becoming critical with the development of its decentralized exchange.
Binance has confirmed that Trust Wallet will be a native wallet for the upcoming decentralized exchange, Binance DEX, which is expected to launch in 2019. Moreover, the team behind the wallet is working on offering cold storage integration, which aligns with the implementation of a decentralized exchange.
What do you make of the new feature added to Trust Wallet? Will you use it to buy into digital assets, like XRP? Tell us in the comments below!
Image courtesy of Twitter, Shutterstock.