Users are fleeing exchanges and turning to non-custodial wallets amid FTX’s collapse. One wallet in particular, and its corresponding token, appear to be reaping the benefits.
TWT, the native token behind Trust wallet, a self-custodial crypto wallet, has posted 47% gains over the past 24 hours, according to data from Цоингецко. Token holders are offered discounts on in-app purchases and can also vote on proposed changes to the wallet.
At press time, TWT trades at around $2.40, retreating from its all-time high of $2.30 recorded earlier today. On a weekly note, TWT has gained nearly 100%.
TWT’s daily trading volume is also up 175% to $70 million in the last 24 hours. With a market capitalization slightly above $849 million, TWT is now the 45th-largest cryptocurrency.
Crypto billionaire and Бинанце CEO Changpeng Zhao tweeted about the importance of self-custody and prompted users to use the Trust wallet, fuelling the token’s rally. Binance стечен Trust Wallet in 2018.
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A crypto wallet address is derived from a private key (or) a passphrase, the most sensitive information required to make transactions. Anyone with access to a wallet’s private keys can move money in the wallet.
Conversely, on centralized exchanges like Binance, Цоинбасе, и beleaguered FTX, this sensitive information is stored on those exchanges allowing them to make transactions on your behalf.
Према подацима из Coingglass, Bitcoin balance on centralized exchanges plummeted 10% from 2.11 million on November 7 to just above 1.9 million today.
Bitcoin balance on centralized exchanges over the past six months. Source: Coingglass.
The sharp decline of exchange Bitcoin balance indicates reduced investor trust in centralized exchanges.
Sentiment for self-custody of cryptocurrencies is also on the rise on Twitter.
Popular decentralized exchange Унисвап, Polygon’s Co-Founder Сандееп Наилвал, Shapeshift’s Founder Erik Vorhees and many others voiced their support for crypto self-custody over the past few days.
Not just Trust Wallet, other self-custody wallet provider tokens, including SafePal (SFP), has also rallied 27% in the last 24 hours, per data from Цоингецко.
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