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Binance CEO Changpeng Zhao on Sunday asked the crypto community to use Trust Wallet to control digital assets. CZ tweeted “@TrustWallet your keys, your coins,” pushing Trust Wallet’s native coin, TWT, to an all-time high.
— CZ? Binance (@cz_binance) November 13, 2022
Changpeng “CZ” Zhao tweeted on Sunday, “Self-custody is a fundamental right. You can be free at any time.”
Binance acquired Trust Wallet in 2018. Trust Wallet is a decentralized hot wallet for easy storage of cryptocurrencies and non-fungible tokens. The timing of CZ’s push for self-regulation comes at a time when markets are spiraling out of control and investors are rethinking the safety of their assets following the collapse of FTX and a hack that laundered $600 million worth of coins from its wallets.
According to blockchain analytics firm Nansen, Binance had around $72.9 million in net traffic, while Hubio had around $12 million in net traffic and crypto.com had around $4.7 million in net traffic.
CZ recommends that investors start with a small amount of capital while familiarizing themselves with the technology. He reiterated that mistakes can be costly. CZ added that trust wallets facilitate self-custody of cryptocurrencies.