Trust Wallet, the official cryptocurrency wallet of Binance, has announced a new partnership with Ramp and MoonPay. This partnership will introduce a new feature that enables Trust Wallet users to convert their cryptocurrency holdings to fiat currencies directly within the app.
The feature is a major development for Trust Wallet users as it eliminates the need for them to transfer their funds to a centralized wallet before they can convert their holdings to fiat. With this new functionality, users can enter and exit the cryptocurrency market entirely through their self-custody wallet, giving them complete control over their cryptocurrency funds.
Trust Wallet’s head of product, Eric Chang, emphasized that the new feature will be a boon for customers, especially during a time when the market is turbulent and crypto platforms are under heavy scrutiny over managing customers’ funds.
The partnership with Ramp and MoonPay comes as several centralized exchanges and even peer-to-peer platforms are shutting down. The latest to announce its closure is Paxful, a popular P2P global exchange that cited regulatory challenges and staff shortages as reasons for its closure.
Trust Wallet offers access to 65 different blockchains and boasts a customer base of 60 million users. In addition to crypto-to-fiat withdrawals, Trust Wallet also provides access to decentralized applications (DApps), enabling users to communicate with DApps on any supported blockchain. Its features include buying, staking, trading, and storing various cryptocurrencies.
It is worth noting, however, that Trust Wallet is not a cold wallet or hardware wallet. As long as there is an internet connection, Trust Wallet functions as a hot wallet and can be accessed via a secure connection online. While this feature was intended to help users, it proved to be a disaster for the co-founder of the Web3 metaverse game engine “Webaverse,” who lost $4 million from his Trust Wallet.
In conclusion, the partnership between Trust Wallet, Ramp, and MoonPay represents a significant step forward for Trust Wallet users. The new feature makes it easier and more convenient for users to convert their cryptocurrency holdings to fiat, without having to go through the hassle of transferring funds to a centralized wallet. While Trust Wallet is not a cold wallet, it remains a popular choice for many crypto enthusiasts who want to manage their cryptocurrency holdings independently.