CEO of the largest crypto exchange, Changpeng Zhao, also known as “CZ”, has been pushing for a safer, more transparent crypto space. Aside from publishing a full Proof-of-Reserves, he has reminded crypto participants that self custody is a “fundamental human right”.
With FTX’s implosion and rumors of other exchanges being insolvent, the perennial phrase “not your keys, not your coins” has once again resurfaced. As part of the mantra, users are encouraged to custody their own coins, preferably in cold wallets that have an additional layer of security.
What is The Trust Wallet?
Similar to Metamask, Trust wallet is a “multi-chain crypto wallet”, allowing users to transact in more 8 million tokens over 70 blockchains. It also has NFT support.
Founded by Viktor Radchenko, the wallet is available both as a browser extension and a mobile phone application, and boasts more than 10 million downloads.
Alongside the wallet is the Trust Wallet Token, or $TWT, which follows the BEP-20 standard, and has a total circulating supply of 1 billion $TWT.
Currently, $TWT has two main use cases:
- Utility: $TWT holders are entitled to a variety of benefits, such as discounts on in-app purchases and DEX services.
- Governance: The token allows holders to participate in decision-making processes, including adding new tokens, features,and blockchain support (see Governance section).
Moving forward, the wallet plans to have its own ecosystem, in order to become an “educational tool as well as a community-builder”. To do so, they will leverage the token in order to attract holders to community forums and educate them.
Token holders can also be eligible for airdrops.
Why Did CZ Mention Trust Wallet?
Bringing Trust Wallet to the spotlight was CZ, tweeting about it in light of recent events.
Twitter users were quick to point out that CZ owned Trust Wallet, and that Binance acquired it back in 2018.
While this is true, the Trust wallet is a part of the Binance ecosystem, and would be an intuitive choice for Binance users. Furthermore, it offers a built-in DEX for android users, and has avenues for FIAT on-ramps.
The trust wallet is also entirely open source, and any developer can build on it.
With rumors of insolvency amongst popular exchanges and CZ’s tweet, $TWT skyrocketed to $2.37.
The token is currently trading at $2.28, down 1% from all-time-highs.
Also Read: CZ And SBF Make Love Not War
[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]
Featured Image Credit: Chaindebrief