Cryptocurrency News

Binance Trust Wallet Launches DeFi Platform

Binance Trust Wallet

Binance Trust wallet announced today that its Decentralized Finance (DeFi) platform is now live.

This is according to a blog post on Medium. The Trust Wallet is a digital currency wallet supported by Binance. It is an application for storing different types of cryptocurrencies.  Particularly, it supports BTC, TRX, BNB, ETH, and several other cryptos.

In a tweet by Trust Wallet, the platform threw more light on the DeFi platform’s launch.

The tweet reads:

“Trust Platform is a staking and governance platform for token-based communities like

@Tronfoundation $TRX and @cosmos $ATOM. We think of it as a true multi-cryptocurrency platform for every #DeFi application.”

How it Operates

The DeFi platform is both trustless and private. On this platform, users have total control of their assets. They can manage their crypto without the need for any human intervention. Besides, users are eligible to take part in crypto staking (this will help ensure the security of the blockchain network). They will also earn additional interests on their crypto when they stake.

It is important to note that the staking option is open only to Cosmos (ATOM) and Tron (TRX). The platform, however, announced that Tezos (XTZ) will be available on October 24.  Waves (WAVES), IoTeX (IOTX), and an integration with Compound will follow shortly.

The Trust platform has plans to work alongside other hardware wallets in the near future. Its vision is to become a global staking and DeFi platform, working across all blockchains and devices. All hands are on deck to realize this vision. The platform’s team of developers is constantly working to improve the code and ensure the app is 100% user-friendly.

Founder of the platform, Viktor Radchenko, said: “Trust Platform will provide users easy access to decentralized finance on any blockchain and provide developers all the necessary tools to build integrations on top of it[..].

He also added that: “Trust Platform will give anyone access to a new Decentralized Financial System without central control.”

In June, the platform announced support for Binance DEX and Ravencoin.

Learn more about Trust Platform here.

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