Trust wallet from Binance already has 5 million users and is more involved in the DeFi sector
2 min readCrypto giant Binance acquired the Trust Wallet on July 31, 2018 – exactly two years ago to expand its ecosystem and services. In this short period of time, the service has reached 5 million users and is now expanding. With this success, Binance decided to use the wallet to dive deeper into the DeFi sector.
Trust wallet expands DeFi services
The wallet already has a strong connection with the DeFi sector, according to Trust Wallet, 10% of this rapidly acquired user base now has access to a wide range of DApps and DeFi platforms. Binance has therefore decided to expand this sector as much as possible and provide its users with new opportunities, while making everything easier for those who are already accessing DeFi. It plans to aggressively expand into the sector as crypto investors continue to look for new earning opportunities.
Trust Wallet has integrated token swap platforms such as Cyber and its own decentralized BinanceDEX exchange in an effort to keep up with the rapidly evolving DeFi ecosystem.
The wallet version for Android includes a built-in DAPP browser that provides full access to the world of DeFi and a number of popular protocols, including Aave, which recently reworked its tokenomics and Compound. It also uses an open protocol called Wallet Connect, which connects DApps to mobile wallets using end-to-end encryption by scanning QR codes.
Trust Wallet founder Viktor Radchenko said they have plans to integrate a range of DeFi protocols into Trust Wallet applications for both iOS and Android to increase liquidity and provide access to liquidity pools and lending protocols. He added that thanks to the native integration of protocols, it will be safer and more intuitive for users.
Keep it simple
Speaking of the explosive growth of the DeFi sector, Radchenko said: “Right now, DeFi is definitely developing. You can see good progress in developing new protocols that give developers more access to build more financial applications.”
The priority is to add the DApp feature, which fulfills most cases for crypto users in the next few years. As for increasing the user base, he added that the key is “keep it simple”.
With this in mind, wallet users should not worry that adding new features will make the wallet too complex or difficult to navigate. Simplicity has been, is and will be a top priority, even when expanding its use cases.
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