Binance’s Trust Wallet now allows trading on ‘multiple’ decentralized exchanges, despite their meager trading volumes
Cryptocurrency exchange Binance’s official wallet, Trust Wallet, has added trading support for “multiple” decentralized exchanges (DEXs), according to an announcement Thursday.
The wallet has integrated liquidity protocol from decentralized exchange startup Kyber Network for the initiative, providing users more options to trade cryptocurrencies.
The statement did not provide details on how many DEXs the wallet is supporting, and Binance did not reply to The Block’s request for comment by press time. There are over 15 DEXs in the cryptocurrency market today.
The volume, however, on these exchanges is negligible - less than 1% of the total traded volume on centralized exchanges. In fact, Binance DEX, one of the most used DEXs, had only 0.2% volume in the last 30 days.
Talking about the latest figures, Kyber traded $1 million volume in the last 24 hours, while Binance DEX traded $8 million during the same period.
Viktor Radchenko, the founder of Trust Wallet, said the “multi-DEX” support would give users more options to “instantly” trade their assets and “tap into a large pool of ERC20 token liquidity.”
The wallet is planning to add more protocols in the future for further liquidity, per the announcement.
Binance acquired Trust Wallet in July 2018, and it serves as a native wallet to Binance DEX. The wallet also supports credit cards, meaning users can buy cryptocurrencies with them.
