Why is Trust Wallet token (TWT) rising?

Highlights 

• Trust Wallet is a mobile-based cryptocurrency wallet.
• Trust Wallet’s utility token TWT offers governance authority and in-app benefits. 
• The platform supports more than 65 blockchains and over three million assets.

Ranked 151st as per market capitalization on Coinmarketcap, the Trust Wallet Token (TWT) rose 2.78% to US$0.6266 at 4:37 am ET on Friday.

Although there are over 150 crypto categories, the wallet category is new. According to Coinmarketcap, the crypto market has 19,719 digital assets.

Crypto projects issue their tokens to engage users, such as receiving payments and other benefits and running their businesses. 

Users can also use the tokens to access services, such as NFTs, DeFi, etc., on the platforms, whether blockchain, side-chain, cross-chain, protocol, metaverse, and P2E gaming.

Trust Wallet offers crypto storage services to customers. One can earn 56% annual interest or annual percentage rate (APR) by staking in the Trust Wallet.

Many blockchains and digital asset firms have signed up for Trust Wallet services, and it could be one of the reasons behind investors’ growing interest in the crypto storage company.

According to its official Twitter handle, Trust Wallet supports more than 65 blockchains and three million different assets. 

Let us know more about the services it provides and how?

What Is Trust Wallet?

The Trust wallet is a mobile cryptocurrency wallet supporting many smaller native tokens besides the big, popular ones like Ethereum, TRON, Binance, etc.  

Trust Wallet was founded by Viktor Radchenko in 2017 after noticing that there was no open-source wallet for Ethereum and ERC20 tokens on app stores.

He previously co-founded Trucker Path in 2013.  

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In 2018, Binance acquired the platform. Radchenko, now a Binance team member, still works on the platform. The Wallet is secured by a proof-of-stake (POS) consensus mechanism that effectively protects against Sybil attacks.

Binance also offers a US$10,000 bug-bounty program that rewards those who spot vulnerabilities in the Binance Chain and its core smart contracts.

The wallet is also secured by a password security lock and a 12-word recovery code.    

Also Read: Why is Alchemy Pay (ACH) crypto drawing attention despite its fall?

Data Source: coinmarketcap.com

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TWT token:

The Trust Wallet token (TWT) provides various benefits and incentives to wallet users.

It was initially launched on Binance Chain as a BEP-2 asset but later relaunched as a BEP-20 token on Binance Smart Chain in 2020.

TWT token holders can get discounts on in-app cryptocurrency purchases and decentralized exchange (DEX) services.

It also allows them to participate in the governance of Trust Wallet with voting rights on the wallet’s proposals. Hence, it is both a utility and governance token of the wallet.  

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The wallet is designed to provide additional value to the Trust Wallet Mobile App users. 

The token does not have any utility outside the Trust Wallet ecosystem. However, it can be transferred to any wallet that supports Binance Smart Chain assets. It could be used for payments for services and for exchanging assets.  

TWT has a market capitalization of US$180.5 million. Its circulating supply is 288.09 million of the total supply of 858.09 million. 

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Bottom line:

The token can be traded on crypto exchanges such as Binance, KuCoin, CoinTiger, MEXC, BingX etc. However, one must exercise caution while investing in the unregulated crypto space.

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