Changpeng Zhao (CZ), the CEO of Binance, is working to gain confidence in the market, which has lost confidence with the FTX collapse. Accordingly, he made statements encouraging the Trust Wallet purchased by Binance, which is under the control of customers. This also fired up TWT, which is Trust Wallet’s token, not the BNB token.
As BNB drops, CZ fires up TWT with statements
cryptocoin.comAs you follow, the crypto money market is going through a very difficult period. For the market, the collapse of FTX was a turning point. It has raised serious doubts not only on a cryptocurrency project but on the system itself. Perhaps we are on the eve of a ‘live or die’ choice for crypto. The shaking of confidence in crypto exchanges stands as a serious obstacle in front of the market. That’s why Changpeng Zhao (CZ), CEO of Binance, the world’s largest cryptocurrency exchange, strives to build trust.
Changpeng Zhao, CEO of Binance, is promoting Trust Wallet as he thinks that having client funds under their control will be an element of trust. Trust Wallet is a mobile cryptocurrency wallet. This is how the crypto exchange’s test with tweets and shares begins. Because, his advertisements and shares explode the price of the relevant altcoin project. After CZ’s shares, TWT jumped from $ 1.24 to $ 2.31 during the day. Although the altcoin declined a little later, it is still trading at $2.12 at press time, up 67.5% on a daily basis.
In fact, pumping or dumping token prices with shares is a serious problem for the market. This is the issue that most crypto currency critics draw attention to. As a famous figure, Elon Musk’s promotion of the meme coin Dogecoin has also been criticized for this reason. Now, as the crypto market is going through a crisis, CZ’s role in that crisis is also becoming controversial. While CZ says the market is working to regain confidence, trading his statements is also an element of distrust. Therefore, crypto continues to navigate in a self-feeding vicious circle.
Binance and Trust Wallet relationship
On July 31, 2018, Binance acquired Trust Wallet, a decentralized wallet service for digital tokens and also a browser for decentralized applications. Trust Wallet was not a popular name even in the cryptocurrency world back then. But the deal was still important.
TWT is a simple BEP-20 utility token that provides various benefits and incentives to Trust Wallet users. Trust Wallet is a mobile cryptocurrency wallet that supports dozens of popular local assets in addition to popular tokens on the Ethereum, Binance and TRON Blockchains.
TWT token holders enjoy several benefits when using Trust Wallet, including discounts on in-app cryptocurrency purchases and use of decentralized exchange (DEX) services. The developers initially released TWT as a BEP-2 asset on Binance Chain. However, they re-released it as a BEP-20 token on BNB Chain in October 2020.
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