Binance Trust Wallet Reaches 5 Million Users Milestone: Report

A binance trust wallet has officially reached a five million user milestone as it started going into the DeFi sector as we are reading further in the latest report in our Binance news today.

In addition to the new milestone, the Binance Trust Wallet claims to have rapidly acquired about 10% of the user base which is now accessing a new range of DeFi platforms and DApps planning to aggressively expand into the DeFi sector as the investors are looking for liquidity farming and earning opportunities. In a move to keep pace with the ever-expanding ecosystem, the Binance Trust Wallet integrated the token swap platforms such as Kyber and the BinanceDEX.

The Android version of the wallet has a built-in dapp browser that provides full access into the DeFi world and a huge number of popular protocols including Aave which revamped its tokenomics recently and Compound as well. It also sues the open protocol called Wallet Connect which connects Dapps to mobile wallets using the end-to-end encryption by scanning a QR code. Trust Wallet founder Viktor Radchenko explained that there are a few plans to integrate a number of DeFi protocols for the Trust Wallet iOS and Android apps in order to boost the liquidity and to provide access to liquidity pooling. He added that these protocols will provide security and safety for the end-users. Radchenko said:

 “DeFi is definitely booming right now. You can see good progress in the development of the new protocols that give more access for developers to build more financial applications on top of it. This also is a good time for decentralized protocols to build a governance process for building community-driven protocols.”

With regard to increasing the user base, he said that keeping it simple is the goal of success. Adding Dapps functionality that fulfills the cases for crypto users for the next couple of years is also a huge priority in order for the entire deal to go forward. As per the recent news, After many months of waiting, testing, and planning, Binance sends out its debit cards to customers and the shipping started in limited quantities according to Binance CEO Changpeng Zhao who tweeted and responded to a community member interested in the product.