Binance’s Trust Wallet Hits 5M Users, Expands DeFi Services

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Binance’s Trust Wallet Hits 5M Users, Expands DeFi Services
Saturday, August 8, 2020 By Dominic Robinson

Binance owned Trust Wallet has hit a five million user milestone, it is now delving into the DeFi sector.

Crypto giant Binance acquired Trust Wallet two years ago today. In that short space of time, the service has managed to amount 5 million users, and it is now expanding into the burgeoning DeFi sector.

In addition to the five million user milestone, Trust Wallet claims that 10% of this rapidly acquired user base is now accessing a wide range of DApps and DeFi platforms. It plans to aggressively expand into the sector as crypto investors seek liquidity farming earning opportunities.

 

Delving into DeFi

In a move to keep pace with the rapidly expanding DeFi ecosystem, Trust Wallet has integrated token swap platforms such as Kyber as well as its own decentralized exchange, BinanceDEX. 

The Android version of the wallet has a built-in dapp browser which gives full access into the DeFi world and a number of popular protocols including Aave, which has recently revamped its tokenomics, and Compound. It also uses an open protocol called Wallet Connect which links DApps to mobile wallets using end-to-end encryption by scanning QR codes.

Trust Wallet founder Viktor Radchenko told Cointelegraph that there are plans to integrate a number of DeFi protocols on both the Trust Wallet iOS and Android apps to increase liquidity and provide access to liquidity pooling and lending protocols. He added that having the protocols integrated natively will make it more secure and intuitive for users.

Keeping it simple

Speaking on the explosive growth of the DeFi sector 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 regards to increasing the user base, he added that "keeping it simple" is the key. Adding DApp functionality that fulfills most of the cases for crypto users for the next few years is also a priority going forward, he stated.