HomeCryptocurrencyBinance-owned TrustWallet joins FIO to simplify wallet usage

Binance-owned TrustWallet joins FIO to simplify wallet usage

According to recent developments, TrustWallet has jumped on board the Foundation for Interwallet Operability (FIO) to simplify cryptocurrency wallet usage.

Details

A recent CoinDesk report revealed the Dapix-led FIO includes big-name players such as the ShapeShift exchange and MyCrypto wallet. The group looks to homogenize crypto wallets and further adoption.

Initiatives include the future potential to send crypto payment invitations to email addresses, similar to how Venmo works. Additionally, the group may address the prospect of crypto purchase refunds from online vendors, as mentioned in CoinDesk’s report.

Put simply, FIO Protocol aims to expand and simplify participants’ experiences. According to FIO’s website, “With the FIO Protocol enabled, the sending and receiving of crypto tokens and coins from any blockchain on any wallet or exchange will become easy and error free.”

As long strings of characters, wallet addresses can lead to errors and confusion. “[S]tandardizing addresses and messaging software should reduce the risk of human errors while sending and receiving crypto,” CoinDesk noted.

FIO is also in the process of releasing its own token, which will be used for processing fees. As quoted in CoinDesk’s report, David Gold, FIO’s founder explained, “The wallets and exchanges will be able to participate significantly in [FIO] block production.” Noting the benefits involved crypto exchanges will see, Gold continued, “[t]hey get income from being a block-producing node on the network.”

Binance’ involvement

Crypto exchange powerhouse Binance owns TrustWallet, as stated in a TechCrunch article on the acquisition which was published last July.

According to coverage from the mentioned CoinDesk report, Binance chief growth officer Ted Lin noted the crypto bear market has led to decreased profit for the exchange. However, Binance is reportedly still profitable. Lin explained Binance has its sights set on long-term results as a method of trudging through the bear market.

The TrustWallet acquisition also works quite nicely in conjunction with Binance’ plans to release its own decentralized exchange (DEX).

Just last week, Binance topics made several top headlines. January 28 saw an article from Crypto Insider on the BitTorrent (BTT) token launch on the Binance Launchpad platform. January 31 saw Binance adding credit card functionality on its platform with support for Mastercard and Visa.

One headline even detailed a nefarious character falsely claiming to be the “Director of Partnerships at Binance Labs,” according to a Crypto Insider report.

Written by

BJ is a full time writer, editor, and trader in the cryptocurrency space. He has written many professional articles for numerous ICOs, news sites, and other interested parties in the crypto space. He is also a trader, staying up to date with the crypto markets constantly, and dabbling in traditional financial market trading occasionally.

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