Trust Wallet, a key self-custodial cryptocurrency wallet owned by the Binance cryptocurrency exchange, has finished a major integration. This will make it easier to buy cryptocurrencies.
The company told Cointelegraph on June 22 that its official fiat-to-crypto provider, Binance Connect, has been added to the Trust Wallet platform. This means that customers can now buy more than 200 crypto assets directly with credit or debit cards.
With the new Trust Wallet crypto buy feature, verified users can load their wallets with more than 40 fiat currencies. This makes it easier to buy cryptocurrency.
To send money to Trust Wallet through Binance Connect, users must continue to go through the same Know Your Customer (KYC) checks they do on Binance. A Binance representative told Cointelegraph that it “will keep the same high quality and process as Binance’s KYC.”
The representative said that there is a 2 percent fee when using Binance Connect to send money to Trust Wallet.
Users in some countries, like the United States, Singapore, China, Ontario, Cuba, Belarus, Crimea, and others, can’t use the integration, but all other Trust Wallet users can. The person who talked to us said that the integration went into effect on June 21.
The goal of the new connection is to make it easy and smooth for customers to get to Web3 or decentralized assets. In the past, Web3 users had to go through a long process to get cryptocurrency on the blockchains directly. According to the release, they had to go through many controlled exchanges before they could finally put their money on a blockchain.
Binance didn’t explain in detail the pros and cons of putting money into a Trust Wallet account instead of a Binance exchange account. The only thing the person said was:
How you use your cryptocurrency depends on what you want to do with it, but using Trust Wallet will make it easier to access assets on many blockchains and join the Web3 world.
Binance Connect, which used to be called Bifinity, is a new subsidiary of Binance that focuses on fiat-to-cryptocurrency payments. It was launched in March 2022. After that, the UK’s Financial Conduct Authority sent Bifinity a warning questioning the company’s ties to the investment business Eqonex.