While Binance, the world's largest cryptocurrency exchange, brought together the Web3 and blockchain world in Istanbul, Binance Regional Markets President Richard Teng introduced Binance Web3 Wallet in his opening speech.
After this statement by Binance, TWT, the token of Trust Wallet, a popular Web3 wallet, began to lose value rapidly.
At this point, TWT fell by up to 18% after Binance, the exchange that acquired TrustWallet in 2018, launched its own Web3 wallet.
TWT, which has fallen from $ 1.71, continues to be traded at $ 1.41 at the time of writing.
TWT had risen by 60% since the beginning of November to $1.83. Binance announced on Friday that it had listed TWT on futures.
As you may remember, Trust Wallet was acquired by Binance in 2018 in a deal that included some cash, some Binance shares and some BNB tokens.
*This is not investment advice.