According to the company’s announcement on June 22, the Trust Wallet portal has incorporated Binance-certified fiat-to-crypto supplier Binance Connect, with an intention to progressively enable customers to acquire over 200 digital currencies instantly using credit or debit cards.
Trust Wallet seeks to purchase via Binance connect
Binance’s self-custodial cryptocurrency wallet Trust Wallet seeks to facilitate the purchase of over 200 digital assets alongside 40 fiat money via Binance Connect, originally called Bifinity.
Binance Connect is an upcoming Binance subsidiary focusing on fiat-to-crypto transactions platform released in March 2022. The Financial Conduct Authority of the U.k. later issued a warning to Bifinity for its collaboration with the investment company Eqonex.
Trust Wallet owned by Binance, is a prominent self-custodial, safe, and user-friendly wallet. Binance would be able to offer a good service and increase customer safety along with easier crypto purchases.
Add fund to Trust Wallet through Binance Connect with a 2% charge
The new crypto purchase option from Trust Wallet is intended to streamline the process of purchasing cryptocurrency by allowing certified Trust Wallet customers to fund their wallets with over 40 fiat money.
Customers will have to go through the same Know Your Customer (KYC) procedures as that on Binance to add money to Trust Wallet using Binance Connect. The charge for adding funds to Trust Wallet through Binance Connect is 2%.
“It will maintain the same high level and methodology as Binance’s KYC,” a Binance representative said.
The new connection is intended to give consumers a smooth and easier way to obtain Web3, or decentralized assets.
“Earlier, Web3 visitors was required to go complete a lengthy method to obtain crypto on blockchains. Users had to go through several centralized exchanges before transferring their funds to a blockchain,” according to the announcement.
Apart from users in banned countries such as Belarus, Crimea, US, China, Cuba, Singapore, Canadian Ontario, and others, the integration is open to all Trust Wallet users. As per the spokesperson, the integration came public on June 21.
Binance did not provide details about the Trust Wallet account over transferring funds to the Binance platform.
Binance representative said,
“It depends upon utilizing the crypto, the Trust Wallet may be an easy approach to access the digital currencies on multiple blockchains and access to the Web3 world.”
