Binance’s ‘Trust Wallet’ Now Supports BTC, BCH, and LTC on iOS and Android

On Thursday (January 9th), crypto currency exchange Binance's "official" mobile wallet app, Trust Wallet, which originally only supported Ethereum (ETH) and Ethereum tokens, announced that both its iOS and Android versions now supported Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC); even better, support for more coins is promised during the next two weeks. 

Trust Wallet, which was first released (for Android) on 25 October 2017, was acquired by Binance in July 2018. At that time, Changpeng Zhao ("CZ" for short) told Bloomberg:

"The users control 100 percent of their funds... Now we have both a decentralized and centralized solution for custody.”

Binance's announcement about the acquisition said:

"The acquisition of Trust Wallet will add an on-chain mobile wallet to the list of Binance services with other future integration possibilities. The Trust Wallet brand and team will retain the autonomy and freedom to develop the core product while benefiting from the increased synergy from Binance, including the broad user base and the upcoming DEX."

Since then, Trust Wallet developers have been adding support for other cryptocurrencies. One of the most important upgrades was the support for Bitcoin (BTC), which came to the iOS version of Trust Wallet on 9 December 2018:

The blog post that announced that news promised to iOS users that support for Bitcoin and Bitcoin Cash would be added by the end of 2018 and promised to Android users that support for Bitcoin would be added "in the coming 2-3 weeks." 

Well, yesterday, Trust Wallet announced that it had updated both the iOS and Android versions of Trust Wallet and delivered on both of the promises it had made on December 9th. Furthermore, Android users got a nice surprise: not only did the Android version of Trust Wallet add support for Bitcoin, it also added support for Bitcoin Cash and Litecoin.

Trust Wallet says that once you have updated via Apple's iOS App Store and/or Google's Play Store, here is what you need to do:

"After you update your Trust Wallet app to this latest version, you can enable the new assets by tapping on the plus sign in the upper right corner and tapping once more on the slide bar next to Bitcoin (BTC), Litecoin (LTC) and Bitcoin Cash (BCH)."

Trust Wallet Screenshot.png

Also, it says that the "new Bitcoin and Litecoin Wallet are native SegWit compatible which means you can send/receive to/from any bc1 (Bitcoin) and ltc1 (Litecoin) bech32 address."

Furthermore, the Trust Wallet team says:

  • "As some of you probably have noticed over the past month, Trust Wallet is becoming much more than a simple Ethereum and ERC20 Wallet."
  • "Trust has grown to support more than 10 native blockchains, including their native tokens."
  • "It is also the only mobile wallet that offers you DApp support for Ethereum, POA and Ethereum Classic."
  • "We have a lot more planned and lined up for you including additional coins, more features, more competitions and some long anticipated design tweaks."

In fact, on January 8th, they tweeted that they were starting the new year "with a 2-week coin-adding sprint." So, we should be seeing support for more coins quite soon.

With yesterday's three additions, Trust Wallet now supports 13 blockchains: Ethereum; Ethereum Classic; GoChain; POA Network; VeChain; Tron; Wanchain; Callisto; ICON; Bitcoin; Bitcoin Cash; Litecoin; and TomoChain.

Featured Photo via Interface image courtesy of Binance.

Top-Tier Crypto Exchanges' Volumes Climb Back to One-Third of Total Market Share

The aggregate trading volume of top-tier cryptocurrency exchanges has increased by 61.2% during the month of January, while the volume of lower-tier crypto exchanges increased 46.4%.

According to CryptoCompare’s January 2020 Exchange Review, the trading volume of top-tier crypto exchanges – those rated AA-B according to its Exchange Benchmark – climbed last month to represent 29.3% of the total trading volume in the space.

The rise is significant as in December, the cryptoasset data provider’s report showed top-tier cryptocurrency exchanges were seeing their trading volumes drop as they lost market share to lower-tier crypto exchanges, those rated C-F. At the time, they represented 26.4% of the cryptocurrency market’s total trading volume.

top tier trading volumesSource: CryptoCompare Exchange Review

The report further found that exchanges that charge taker fees represented 76% of the total volume last month, while those that implement the controversial trans-fee mining (TFM) model represented 22%.

It also found that regulated bitcoin derivatives are still dominated by the CME, whose total trading volumes went up 145.6% since December. Grayscale’s Bitcoin Trust product (GBTC) saw its total trading volume rise 131% since December.

As for derivatives trading on cryptocurrency exchanges, in January OKEx represented the majority of daily derivatives volumes, trading $4.96 billion per day and capturing 31.1% of the total market share. Huobi traded $4.29 billion a day for 26.9% of it, while BitMEX traded $3.13 billion for 19.6%.

Pure crypto-to-crypto exchanges notably represented 75.4% of the market’s trading volume, in a similar proportion to the last two months. The stablecoin space, per the report, is still dominated by Tether’s USDT, as it still represents 94% of the total Bitcoin trading volume into the top four stablecoins.

Decentralized Exchanges Lose Trading Volume

CryptoCompare’s report also addresses decentralized cryptocurrency exchanges, noting IDEX was the largest one in January. It traded a total of $10 million as its trading volume went up 25.4%, and it was followed by Switcheo and Bitsquare. While these platforms’ volumes went up, DEXs as a whole have been losing volume.

dex CHARTSource: CryptoCompare Exchange Review

According to the report they have diminished 88% since early 2019 to now represent a small fraction of the global spot exchange volume. In January, decentralized trading platform traded $17.8 million in total, representing 0.003% of the market. In January 2019, for comparison, they traded $148 million.

Featured image via Unsplash.