Binance Trust Wallet: Present State and Future Plans for 2019

On Thursday (January 24th), the team behind crypto currency exchange Binance's "official" mobile wallet app, Trust Wallet, talked about where things stand now and what new features were coming during the remainder of 2019.

Trust Wallet, which was first released (for Android) on 25 October 2017, was acquired by Binance in July 2018. Originally it only supported Ethereum (ETH) and Ethereum tokens, but after it got acquired by Binance, support for other coins started to happen, with the latest announcement in this area coming on January 9th, when we found out that both the iOS and Android versions of Trust Wallet had been updated such that they supported Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC). Furthermore, support for more coins was promised during the next two weeks. 

In Trust Wallet's latest blog post (titled "Trust 2.0 - Making Crypto More Accessible"), the team started by explaining where this multi-cryptocurrency wallet stood now:

  • "As of today, Trust supports a total of 14 different blockchains."
  • "Both our Bitcoin wallet and Litecoin wallet have been built from scratch with native SegWit support in mind, which means you can utilize the latest bech32 standard when sending, receiving and transacting cryptocurrency." The benefit for users is faster and cheaper transactions.
  • "For DApps, we now offer a beautiful, streamlined experience for your ERC-721 crypto collectibles and have added support for DApps across 4 different blockchains (Ethereum, Ethereum Classic, GoChain and POA Network)."

As for future plans, here are the main things on the development team's radar:

  • "... we are committed to supporting the top 20 cryptocurrencies, such as Tezos, Zilliqa and EOS. We prioritize privacy projects. So, you can expect us to soon add privacy coins like ZCoin, ZCash, Monero, and even upcoming and coming ones like Grin and Beam."
  • "... to build an infrastructure to enable support for almost any blockchain easily" through the release of "an open source SDK called “Wallet Core”, which allows developers to integrate their blockchain projects with Trust through a simple GitHub pull request."
  • "Trust Wallet is expanding from its root of mobile only to both mobile and desktop"
  • "With the impending launch of Binance Chain and its corresponding decentralized exchange (DEX), Trust will become the first native decentralized wallet for DEX and also support the new native Binance coin (BNB) on Binance Chain." This means that "you will benefit from Binance Chain’s fast confirmation time and won’t have to worry about using another interface as it’s built into the same easy and user-friendly environment that you are already familiar with."
  • "We are working closely with several manufacturers on not only integrating hardware wallets with Trust, but also setting an industry standard to make adding future hardware wallets more easily."

With regard to the Binance decentralized exchange, earlier today, Binance tweeted that hardware wallets would be supported from day one:


Featured Image Courtesy of Binance

Kraken OTC Head Says It’s Too Early to Call Bitcoin a 'Safe Haven' Asset

Michael LaVere
  • Kraken head of OTC trading Nelson Minier says it's too early to call bitcoin a "safe haven" asset.
  • Compares the current atmosphere of crypto trading to how Wall Street used to be. 

Nelson Minier, head of over-the-counter (OTC) trading at crypto exchange Kraken, says that it is too early to call bitcoin a “safe haven” asset, despite the cryptocurrency gaining popularity in that regard. 

Too Early for Save Haven Status

In an interview with Nasdaq TradeTalks, Minier compared the current state of bitcoin and crypto-assets trading to how Wall Street used to operate in the past. 

According to Minier, 

Wall Street ain't what it used to be. The first 15 years I was on Wall Street, it was fun. I was very fortunate. I started in the CDS market which feels a lot like crypto. Here you have a lot of financial innovation, a lot of trading. It feels very much like that...there's a lot of energy and enthusiasm about this progress and where it's going.

Bitcoin has been gaining popularity as a so-called “safe haven” asset. According to the growing belief among analysts and investors, BTC is an attractive alternative to fiat and the traditional stock markets as a hedge against economic downturn. 

However, Minier believes it’s too early to label bitcoin as a safe haven, given the high price volatility. 

He continued, 

So, I’m not so sure that it’s a safe haven asset yet, but I do think that it’s starting to act like one. I think that people are starting to portfolio manage, are starting to come in slowly. And when the market is getting shaky you saw Bitcoin rise, I mean, you wouldn’t see that before, it was trading like a risky asset.

Despite calling bitcoin's safe haven status premature, Minier admitted that “we're heading that way for sure.”