- The new feature allows users to convert crypto to fiat money without a third party.
- TWT is up 9% following the announcement.
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Popular cryptocurrency mobile wallet and decentralized application browser Trust Wallet now allows users to convert their cryptocurrencies to fiat money thanks to a partnership with Ramp and MoonPay.
Trust Wallet is an open-source, decentralized, anonymous hot wallet launched in 2017 and acquired by Binance a year later. With a user base of 60 million subscribers, the new feature will eliminate the need to transfer funds to a centralized exchange before converting them to fiat currency, according to the press release.
‘‘Before the partnership, Trust wallet users had to choose between the risk of simple, centralized custodial solutions and the more demanding journeys of more secure, non-custodial solutions,’’ said Szymon Sypniewicz, CEO of Ramp.
The new offering reportedly includes discounts for users holding more than 100 Trust Wallet tokens (TWT) to reduce off-ramp fees. TWT is a digital utility asset for the Trust wallet users, listed on Binance and KuCoin.
Native TWT token jumps following the news
Ranked the 85th largest cryptocurrency with a market valuation of $525 million by CoinMarketCap, TWT was trading for $1.26 at press time, a difference of +7% and +9%, respectively, in the past day and week.
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Trust wallet offers access to tens of blockchains, multiple decentralized applications, and non-fungible token support. The platform also supports staking, trading, and storing digital currencies, focusing on easy access to funds.
‘‘Our focus has always been on building better infrastructure for storing and accessing funds, as well as laying the infrastructure for other developers to build dApps,’’ said founder Viktor Radchenko during the Binance acquisition of the platform. He added that wallets are an important interface to the crypto economy and can potentially boost the adoption of digital currencies.
Self-custodial wallets rose in popularity following the collapse of crypto exchange FTX as users fled centralized exchanges. The platforms have also, in the past, received the backing of decentralized exchanges, including Uniswap.
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