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Photo: Trust - Crypto Wallet / Twitter
Binance, one of the most popular cryptocurrency exchanges in the world, is continuously making efforts to build trust for digital currencies. Recently, the exchange came up with a new initiative: its Trust Wallet, acquired by Binance last July as the exchange’s first public acquisition, has added support for Ripple’s XRP token. Moreover, the wallet has also extended support for credit card payments.
#Binance's @TrustWalletApp Adds Support for $XRP, Credit Card Paymentshttps://t.co/6LWsJaMAgl
— Binance (@binance) March 12, 2019
Trust Wallet is the official decentralized mobile wallet of Binance. It is the mobile Ethereum wallet that initially worked with only Ethereum and Ethereum-based tokens, allowing to buy, sell, store, send and receive them. Last July, it was acquired by Binance. After this acquisition, the decentralized wallet added support for 17 cryptocurrencies. Currently, Bitcoin, Litecoin, Bitcoin Cash, Ethereum and more than 20,000 tokens built on Ethereum are accessible through Trust Wallet app. With the newly added XRP, this list has enlarged.
The extended support for credit card payments means that the decentralized Trust wallet can also function efficiently as a decentralized exchange. This support results from Binance’s partnership with payment processing platform Simplex announced in January. The deal aimed to bridge the gap between digital and fiat currencies enabling credit card holders to purchase major cryptos directly.
Now, users are able to make credit and debit card purchases of XRP, BTC, BCH, LTC, and ETH.
Viktor Radchenko, Founder of Binance’s Trust Wallet, commented:
“We want to increase access to crypto and decentralized applications for all users. Adding credit card payments is one piece to furthering cryptocurrency adoption and realizing our larger vision in helping to bring the freedom of money, and we will continue to integrate more blockchains and features to Trust.”
Binance’s Ambitious Plans
Several weeks ago, Binance rolled out Trust Wallet Core, the ‘first open-source cross-platform cross-blockchain wallet library.’ As Binance said, this open-source wallet platform will enable developers to build their own native decentralized applications and wallets. According to Viktor Radchenko, the library will also allow them to adapt new blockchains to the wallet.
In the nearest future, Binance is going to integrate Trust Wallet with the forthcoming Binance Decentralized Exchange (DEX) in order to improve the security and efficiency of the exchange. DEX is expected to provide support for direct, peer-to-peer trading powered by the Binance Chain, launched in February this year.
Recently, Binance CEO Changpeng Zhao hinted at plans to expand its wide geography entering Argentina. Argentina already has approximately 260 merchants that have all the necessary tools and infrastructure to accept payments in cryptocurrencies, that’s why Zhao believes the country is deeply interested in crypto-related and blockchain projects.
XRP Gains Traction
Ripple’s XRP, which has seen a good start of 2019, will also benefit from the Trust Wallet support. More and more exchanges see potential of the token and enlist the currency. With the support from Binance’s wallet, the rate of its popularity growth is likely to soup up.
To further push forward XRP adoption, Ripple-backed XRPL Labs has recently revealed its desire to add XRP payment plugin to the WooCommerce platform. At the moment, they are focused on building up a plugin to ensure the connection between the WooCommerce platform and XRP.
*To learn more about XRP coin, Ripple company, and their innovative solutions, please check out our awesome guide.