Binance has turned to the DEX of DEXes, the on-chain liquidity aggregator Kyber Network, to help bring support for multiple decentralized exchanges to the Malta-based global crypto trading giant’s in-house Trust Wallet.
Through the meld, Binance’s Trust Wallet users can now interact with a series of decentralized exchanges right from within their wallets. Previously, Trust Wallet had only been compatible with non-custodial trading on Binance DEX as of a few weeks ago. Binance purchased the wallet company last year in what was the exchange’s first public acquisition.
On the news, Trust Wallet founder Viktor Radchenko hailed the collaboration with Kyber Network as just the latest way the wallet play is expanding its ecosystem and offerings:
“Our mission is to provide decentralized and trustless access to financial services through a simple and seamless interface. The Kyber Protocol will give all Trust Wallet users more options to instantly trade their assets and tap into a large pool of ERC20 token liquidity.”
Notably, the Kyber Network relies on Ethereum smart contracts to facilitate a so-called “dynamic reserve pool” that can help users make non-custodial cryptocurrency trades almost in real-time. The protocol’s native asset, Kyber Network Crystals (KNC), are deflationary in being burned every time Kyber facilitates an exchange.
Kyber Network Has Been Vamping Up Its Position in the Cryptoeconomy This Summer
The Kyber Network has been in the headlines a few times this summer.
The first time came on July 2nd, when the Kyber team revealed that their network had processed nearly one million ETH worth of transaction volume since the liquidity aggregator’s protocol launched early last year. In that same announcement, Kyber also noted one million KNC had been burned to date.
“We’re finding strong burgeoning growth for decentralized financial products and the implications of this on finance, banking, and trade are tremendously understated,” Kyber chief executive officer and co-founder Loi Luu said at the time.
Then on July 12th, Kyber declared they were unfurling non-custodial limit orders on their associated DEX, KyberSwap. The functionality means KyberSwap traders can now set buy and sell orders for cryptocurrencies at specific prices without needing to deposit their crypto into an exchange first.
“Adding limit orders allows traders to maximize their strategies while giving them the freedom to work and focus on other important matters without having to be glued to the screen,” CEO Luu said.
Binance Staying Busy Per Usual
Binance’s widening of Trust Wallet’s DEX capabilities is just the latest brand advancement the exchange has cooked up.
This month alone, the powerhouse crypto trading venue has announced plans to award a small trove of accidentally accrued Stellar lumens (XLM) to its community, rolled out its first stablecoin in the pound-pegged Binance GBP (BGBP), and unveiled a new margin trading platform on its Binance 2.0 site.
Did I mention the exchange is looking to launch a cryptocurrency futures platform and just got done burning $24 million USD worth of Binance Coin (BNB)?
Binance has also been in the news in recent weeks over its planned geo-blocking of U.S. users from its main website, a campaign that will be finalized in September. The exchange is remaining flexible, however, in pivoting to open up an America-focused venue in the forthcoming Binance US platform.
Binance has also generated speculation over the possibility it could one day join up with Facebook in the Libra Association to help govern the social media titan’s proposed Libra basketcoin. There’s nothing official on that front for now, though Binance chief strategy officer Gin Chao has said the company has explored becoming a Libra validator.
“And so we would like to throw our hat in the ring,” Chao said in late June. “Whether or not we will become one, we’ll see.”