Binance-owned Trust Wallet adds buy option via Binance Connect

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Trust Wallet, a major self-guarding cryptocurrency wallet owned by Binance exchange, has completed a major integration to enable easier crypto purchases.

Trust Wallet has integrated Binance’s official cryptocurrency exchange provider Binance with a plan to gradually enable users to purchase more than 200 crypto assets directly from credit or debit cards, the company announced to Cointelegraph on Wednesday.

Trust Wallet’s new crypto purchase option is designed to simplify the crypto purchase process, enabling authorized Trust Wallet users to fund their wallet with more than 40 fiat currencies.

To add funds to a Trust Wallet via Binance Connect, users will need to go through Know Your Customer (KYC) checks similar to those on Binance. “It will maintain a high standard and similar process as Binance’s KYC,” a Binance spokesperson told Cointelegraph.

The representative noted that the fee for adding deposits to Trust Wallet via Binance Connect is 2%.

The merger is available to all Trust Wallet clients except for clients located in restricted countries such as the United States, Singapore, China, Canadian Ontario, Cuba, Belarus, Crimea, etc. The merger began live on Tuesday, according to the spokesperson.

The new integration is designed to provide a seamless and streamlined way for users to access Web3, or decentralized assets. “Previously, Web3 users needed to go through a lengthy process to purchase cryptocurrencies directly on the blockchain. They had to do this through various central exchanges before eventually sending their assets onto the blockchain.”

Related: Binance ends support for anonymous Litecoin transactions

Binance did not explain the advantages and disadvantages of funding an account on Trust Wallet in exchange for adding funds on the Binance exchange. Representative only mentioned:

“It depends on how you want to use your crypto, with Trust Wallet it will be an easier way to get crypto assets on different blockchains and get into the world of Web3.”
Formerly known as Bifinity and launched in March 2022, Binance Connect is a new subsidiary of Binance focused on paper-to-crypto payments technology. Bifinity subsequently received a warning from the UK’s Financial Conduct Authority about the company’s partnership with investment firm Eqonex.

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