In a press release shared with EWN, Trust Wallet, the official wallet of cryptocurrency exchange Binance has announced support for XRP in addition to allowing for credit card purchases.
According to the press release which was distributed on Mar. 12, the new features will now allow for top-ranked exchange Binance wallet users to have direct support for XRP, a long-awaited addition given the coin’s market cap position. Trust wallet users will also have access to credit card purchases, a feature which was recently implemented for Binance’s trading platform at the end of January 2019.
While Trust wallet already supports Bitcoin, Ethereum (and all ERC20 token), Litecoin and Bitcoin Cash, the update for XRP support comes as a welcome addition, particularly at a time when investors are now able to purchase the currency through popular U.S.-based exchange Coinbase. The partnership with payment processing platform Simplex in January, which allowed for direct credit and debit card purchases on Binance’s flagship trading exchange, now allows for similar use through their official crypto wallet.
Trust Wallet users will have access to the updated features, but the integration of XRP and credit card support will benefit open-source development via the wallet. Several weeks ago, Binance announced the launch of Trust Wallet Core, which it billed as the “first open-source cross-platform cross-blockchain wallet library.” According to details included in the press release, the open-source wallet platform will allow developers to build their own native decentralized applications and wallets. Viktor Radchenko, founder of Trust Wallet, further pointed out that the cross-platform wallet library would enable independent developers to adapt new blockchains to the wallet, greatly expanding its capability beyond current limitations.
Binance has continued to lead the industry in total daily trade volume, with the company reporting record profits in 2018 despite the bear market for cryptocurrency prices. In July 2018, the crypto platform announced its first public acquisition of the decentralized Trust Wallet, and will reportedly be integrated in the forthcoming Binance DEX project. DEX is set to be Binanc’es decentralized exchange, allowing for direct, peer-to-peer trading powered by the Binance Chain, which saw its test net launch in February 2019.
Ripple and the XRP coin also stand to benefit from the news of wallet adoption. While XRP’s price movement following the most recent addition onto Coinbase was underwhelming, the coin has been benefiting from stories of adoption. However, despite the price staying in step with the broader crypto markets, some analysts have forecasted a bearish outlook for XRP, with one going so far as to outline how Litecoin could flip XRP by the end of 2019.
Overall, with the addition to Coinbase, continued support from Binance and the publication of research showing Ripple’s advantages over competitor JPM Coin, XRP has managed a strong start to 2019. As reported by EWN, just earlier today Ripple announced a joint partnership with Forte to commit $100 million through its Xpring to the development of crypto and blockchain gaming. Should the venture prove fortuitous, Ripple is entering a global industry valued at over $140 billion.