Trust Wallet is an official multi-currency crypto wallet of Binance. It provides market monitoring, integration with the Binance DEX for trading, deep integration with the Binance infrastructure, the unified staking interface, and the browser extension for interaction with dApps.
It supports over 160,000 assets and is compatible with over 40 blockchains. The developers review and add new coins regularly. It is possible to buy crypto with a credit card (the minimum amount is 50 USD) and exchange it without leaving the wallet.
Trust Wallet is available only for mobile devices (iOS and Android). On August 20, 2019, Mac OS (Apple) beta-version was presented and the release of Windows and Linux was promised for 2020. However, at the time of writing, there are no desktop versions and no clear information on their development and release time.
Trust Wallet is declared to be absolutely anonymous as it doesn’t collect any information about its owner. No personal data or even e-mail is needed to start working with the wallet. But if you want to buy crypto with a credit card, you’ll need to declare your email, telephone number, date of birth, and address to perform this operation.
Trust Wallet Token (TWT) is the project’s utility token that cannot be used outside the project’s ecosystem. It was initially launched on the Ethereum blockchain in March 2020 and has been relaunched twice since then: as a BEP-2 asset on Binance Chain and then as a BEP-20 token on Binance Smart Chain. In 2018, the Trust Wallet team launched an ICO, but since the company was acquired by Binance, the ICO was canceled, and the money was returned to investors.
TWT was designed to stimulate the active users of the wallet and to give a boost to community development. At the start, there were 90 billion TWT but later 99% of the initial offering was burnt. The developers evaluated the demand and the initial supply was considered to be unreasonable and excessive.
This token can be used for voting. Token owners can vote for the integration of new options and coins, new features of the wallet, etc. It is also possible to use TWT in the DeFi project and as an incentive for the modern dApp developers.
Tokens were intended to be allocated in the following way: 40% was dedicated to the attraction of the users, 15% was to be distributed among the Trust Wallet community members, 30% was to be kept as a reserve, 15% was meant for the developers. However, at the time of writing, there is still no complete tokenomics presented by the project’s team.
The token can be received for inviting friends, participating in some events, or performing some actions within the wallet. This token can also be bought on Binance and some other exchanges. The most convenient way to keep TWT is provided by its native platform. The alternative variant is Binance Chain Web Wallet or any other wallet that supports Binance Smart Chain assets.
Trust DApp Browser
Trust Wallet also provides a fully functioning Web3 browser. It offers a seamless and secure connection between a user and any decentralized application (DApp) on Binance Smart Chain or the Ethereum network. Though this wallet is compatible with both iOS and Android, iPhone users can experience some problems with DApp Browser.
The project team deals directly with the dApp developers. That is why the apps are thoroughly checked before they are added to the local Marketplace. The main purpose of this browser is to create a dApp community that will be available to any user of a mobile device.
Staking on Trust Wallet
Staking on the platform is the option that helps to generate passive income. This function is available starting from 2019. Staking means locking the assets into a wallet for a definite period of time and then receiving a reward.
Not all the coins supported by the wallet can be staked. At the time of writing, nine coins were available for staking: TRON (TRX), Tezos (XTZ), Cosmos (ATOM), VeChain (VET), Callisto (CLO), Kava (KAVA), TomoChain (TOMO), IoTeX (IOTX), and Algorand (ALGO). The team states that they are going to add more coins to this list.
The annual percentage rate depends on the currency. At the time of writing, up to 220% of APR is promised. The staking calculator is available online. It helps to estimate daily, monthly, and yearly earnings. It is possible to unstake the coins. The conditions of unstaking depend on a definite token.
According to the official statements, Trust Wallet does not charge any fees for storing or transferring cryptocurrencies on the platform. You’ll need to pay the blockchain transaction fees or crypto purchase fees, but Trust Wallet does not get any part of them. Transaction fees vary greatly from blockchain to blockchain.
Security and support
The fact that Trust Wallet belongs to one of the biggest exchanges lends credibility to this project. Trust Wallet has never been hacked as it saves the keys on the users’ devices. The wallet also has a backup feature that allows you to recover your wallet and funds with a 12-word seed or recovery phrase.
In October and December 2017, Trust Wallet was audited by Stateful and Six Days LLC, and these companies looked into various aspects of the wallet.
The project has its accounts on many social media and develops them actively. Its representatives respond quickly to the users’ comments, even to negative ones.
Trust Wallet team
The founders of the project are Victor Radchenko, Maxim Rasputin, and Boris Butakov. Radchenko and Butakov are US residents while Rasputin lives in Russia. In July 2018, Binance bought the platform but Radchenko remained in the project and still works there. There is no full list of the project’s team but it is known that it comprises more than 20 experts. Many of them play important roles in Binance.