Binance, the largest and most popular cryptocurrency exchange by daily trading volume, has announced that their official crypto wallet, Trust Wallet, now lets users buy crypto with major credit and debit cards. The new payment option is being offered by the popular payments processor, Simplex.
In addition to credit and debit card support, Trust Wallet is adding support for Ripple’s XRP, the 3rd-largest cryptocurrency by market capitalization.
The addition of XRP has been long anticipated by Trust Wallet users, as the wallet had previously made a promise to list all of the top 20 cryptocurrencies by market cap. Like other XRP wallets, Trust Wallet requires users to hold a minimum of 20 XRP as the minimum reserve requirement.
Making Crypto More Accessible
Trust Wallet users can now use credit and debit cards to easily purchase major cryptocurrencies, including Ripple (XRP), Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum (ETH). Binance’s announcement did not reveal which cards will be accepted, or specify any details regarding fees.
According to Viktor Radchenko, the founder of Trust Wallet, the move to add card payment support was to enable users to more easily acquire crypto.
“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 and Trust Wallet
Binance, the highly popular crypto exchange that’s quickly dominating the crypto industry, acquired Trust Wallet last July.
At the time, the wallet only supported Ethereum (ETH) and Ethereum-based tokens, but now supports 17 different blockchains and thousands of Ethereum-based tokens, and provides users with access to hundreds of dapps via its Web3 browser.
Moreover, Binance’s future plans for Trust Wallet are very big as well. The major exchange plans to make Trust Wallet the native crypto wallet for their upcoming decentralized exchange, the Binance DEX. Currently, the Binance DEX is available for public testing and is set to go live in early Q2 of this year.
As well, apart from Trust Wallet adding credit and debit card support for purchasing cryptos, in January of this year, Binance announced support via Simplex for the purchasing of the same major cryptocurrencies.
Since Binance is the most popular crypto exchange, do you think Trust Wallet could become the most popular crypto wallet? Let us know what you think in the comment section below.