Binance-owned Trust Wallet adds buy option via Binance Connect

Sebastian Parker
Sebastian Parker
Last Updated on June 22, 2022

Trust Wallet, a large self-custodial cryptocurrency wallet that is owned by Binance crypto exchange has been integrated to make it easier to purchase crypto.

Trust Wallet has integrated Binance’s official fiat to-crypto provider Binance Connect into its platform. The firm also announced to Cointelegraph that it will gradually allow users to buy more than 200 cryptocurrency assets from credit or debit cards.

Trust Wallet’s crypto buy option simplifies the process of buying crypto. Trust Wallet users can fund their wallet with more fiat currencies than 40.

To add funds to Trust Wallet via Binance Connect users will need to complete the same Know Your Customer (KYC), as those on Binance. A spokesperson for Binance stated that the KYC will be maintained at the same level as Binance’s KYC.

The representative stated that the fee to add deposits to Trust Wallet via Binance Connect will be 2%

All Trust Wallet customers can integrate except for those who are located in restricted countries such as the United States, Canada, Singapore, China or Canadian Ontario. According to the spokesperson, the integration was activated on June 21.

This integration will make it easier for Web3 users to access Web3, and other decentralized assets. Web3 users used to have to go through a lengthy process in order to purchase crypto directly on the blockchains. The announcement states that they had to go through several centralized exchanges before finally sending assets onto a blockchain.

Similar: Binance ceases support for anonymous Litecoin transactions

Binance didn’t elaborate on the benefits and drawbacks to funding an account through Trust Wallet versus adding money on Binance. The representative stated only:

It all depends on your preference. Trust Wallet will make it easier to access crypto assets from different blockchains, and to enter the Web3 world.

Formerly called Bifinity Binance Connect, a new subsidiary of Binance, is focused on fiat to crypto payments technology. It was launched in March 2022. The United Kingdom’s Financial Conduct Authority issued a warning to Bifinity regarding its partnership with Eqonex.