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Home»ADOPTION NEWS»What is Trust Wallet? | The Block
ADOPTION NEWS

What is Trust Wallet? | The Block

By Crypto FlexsSeptember 2, 20245 Mins Read
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What is Trust Wallet? | The Block
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Trust Wallet tweezer

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A non-custodial cryptocurrency wallet that allows users to store, manage, and use a variety of digital assets. It supports a number of cryptocurrencies, including popular cryptocurrencies such as Bitcoin, Ether, ERC-20 tokens, Solana, and non-fungible tokens. It is available as a mobile app for Android and iOS platforms, and also as a browser extension.

History and Development of Trust Wallet

Trust Wallet is establishment It was developed in 2017 by Ukrainian software developer Viktor Radchenko. Radchenko Explained In an interview, he said that his motivation for creating the wallet was to make cryptocurrencies more accessible and to have a way to store tokens on a phone. The first version of Trust Wallet was released just two weeks after he started.

Initially, Trust Wallet was designed as a simple wallet for storing ERC-20 and ERC-223 tokens on the Ethereum blockchain. However, as the cryptocurrency market expanded and diversified, its functionality expanded to support additional blockchains and their tokens, such as Solana.

Trust Wallet was launched in July 2018. Acquire By ~ BinanceOne of the world’s largest cryptocurrency exchanges made this wallet the exchange’s official on-chain wallet. The acquisition allowed Trust Wallet to integrate with Binance’s ecosystem, providing Binance users with an on-chain mobile wallet. Since the acquisition, Trust Wallet has continued to develop, adding support for multiple blockchains, decentralized applications, and staking capabilities.

Radchenko 2022 Step by step He stepped down as CEO of Trust Wallet to focus on his family and I will take his place. Eowin Chen, former VP of Marketing at Binance.

~ inside 2023Trust Wallet has partnered with Moonpay and Ramp to provide users with fiat on/off ramps and the ability to convert to fiat right within the app.

Features and Functions

Trust Wallet offers a number of features and functions that make it a versatile tool for managing your digital assets. Trust Wallet is Support It holds over 10 million tokens across over 100 blockchains, making it one of the most comprehensive wallets.

In addition to the basic wallet functionality for sending, receiving, and storing digital assets, the app integrates with a variety of decentralized exchanges, allowing users to trade and exchange cryptocurrencies directly within the app.

Trust Wallet also includes a built-in Dapp browser that allows users to interact with decentralized applications directly from the wallet. This is particularly useful for engaging in decentralized finance (DeFi) activities.

Trust Wallet also allows users to stake specific cryptocurrencies directly from the wallet and earn additional token rewards. The wallet also supports the storage and management of NFTs. Through integrations with Moonpay and Ramp, Trust Wallet also supports purchasing cryptocurrencies with fiat currency directly within the app.

In terms of security features, the app offers biometric authentication and built-in security features. Security scannerA feature that provides warnings about potentially risky transactions to protect users from fraud.

What do I need to set up a Trust Wallet account?

Setting up a Trust Wallet account is a simple process.

First, users need to download the app, which is available for free on the Google Play Store and Apple App Store, or download a browser extension. Users can create a new wallet by installing the app on their chosen device and following the on-screen instructions.

Trust Wallet will then generate a 12-word recovery phrase that you must store safely, as this is the only way to recover your wallet if you lose access to your device.

After creating a wallet, users can enable biometric authentication (fingerprint or facial recognition) and set a password to enhance security.

Once the wallet is set up, users can add cryptocurrencies through the app by purchasing them, receiving them from other wallets, or transferring them from exchanges.

What is a Trust Wallet Token?

The Trust Wallet token was launched in 2020 and serves as the primary utility token within the Trust Wallet ecosystem. TWT holders can influence the future of the platform by participating in governance decisions, voting on issues such as which blockchains should be supported, and gaining access to discounts, payment options, and other benefits.

TWT is available on both the BNB chain and Solana.

Are there any risks in using Trust Wallet?

Trust Wallet is generally considered safe, but there are some risks to using a non-custodial wallet. This is because users are solely responsible for their private keys. If you lose your 12-word recovery phrase, you will lose access to your wallet and the funds stored in it.

Users should also be wary of phishing attacks where malicious actors pretend to be legitimate entities and attempt to steal their private keys or recovery phrases. It is important for users to always ensure that they are interacting with the official Trust Wallet website and app.


Disclaimer: This article was created with the help of OpenAI’s ChatGPT 3.5/4 and has been reviewed and edited by our editorial team.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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