Binance Connect has partnered with Trust Wallet to grow the current Web 3.0 economy and also "offer an easy and secure way" for novice members of the crypto industry to "build or expand their crypto portfolio" across numerous blockchains.
According to a press release, Binance Connect, a leading global payment infrastructure provider backed by Binance, the world's biggest cryptocurrency exchange, will now be added as a payment option by Trust Wallet.
Trust Wallet is a multi-chain, self-custodial, crypto wallet also owned by Binance.
Binance Connect, earlier known as Bifinity, is the official fiat-to-crypto payments provider of the world's biggest crypto exchange and "has been powering fiat-to-crypto on-and off-ramps, processing millions of transactions globally for Binance.com users."
"Our goal at Binance Connect has always been to increase crypto adoption and bridge the gap between traditional finance and the crypto economy. This partnership with Trust Wallet will help bring new users to Web3 in a convenient way," said Zoe Wei, Executive Director of Binance Connect.
Additionally, the crypto exchange announced via Cointelegraph on Wednesday that with Binance Connect, Trust Wallet users will be able to buy and sell more than 200 different types of cryptocurrencies. Users will be able to add more than 40 fiat currencies and buy cryptocurrencies with the same.
But, to add funds to the Trust Wallet via Binance Connect, users will need to pass Know Your Customer (KYC) checks as well.
“It will keep a similarly high standard and process as Binance’s KYC,” a spokesperson for Binance told Cointelegraph adding that the fee for adding funds is around 2%. Furthermore, the new service will be available to users from every country except the restricted ones like the United States, Singapore, China, Canadian Ontario, Cuba, Belarus, Crimea, and others.
"Trust Wallet sees fiat capability as a crucial infrastructure to support the development of the Web3 and crypto industry, especially in many developing regions. We're pleased to be working with Binance's powerful fiat infrastructure to widen access and lower the entry barrier for people in more corners of the world," said Trust Wallet CEO Eowyn Chen.