Trust Wallet is a non-custodial cryptocurrency wallet that enables users to store, administer, and interact with various digital assets.
It is compatible with many cryptocurrencies, such as bitcoin, ether, ERC-20 tokens, Solana, and nonfungible tokens. It is accessible as a browser extension and as a mobile application on iOS and Android platforms.
The Development and History of the Trust Wallet
Viktor Radchenko, a Ukrainian software developer, established Trust Wallet in 2017. In an interview, Radchenko disclosed that his motivations for developing the wallet were to increase the accessibility of cryptocurrency and to provide a method for storing his tokens on his phone.
Two weeks following his commencement, the initial iteration of Trust Wallet was introduced.
Trust Wallet was initially developed as a straightforward wallet for the storage of ERC-20 and ERC-223 tokens on the Ethereum blockchain.
Nevertheless, the functionality of the cryptocurrency market expanded and diversified, enabling it to support a greater number of blockchains and their tokens, including Solana.
Binance, one of the world’s largest cryptocurrency exchanges, acquired Trust Wallet in July 2018, thereby establishing the wallet as the official on-chain wallet for the exchange.
By acquiring Trust Wallet, Binance was able to integrate it with its ecosystem and offer Binance consumers an on-chain mobile wallet.
Trust Wallet has continued to evolve since the acquisition, incorporating decentralized applications, staking features, and support for multiple blockchains.
Radchenko relinquished his position as CEO of Trust Wallet in 2022 to concentrate on his family. He was succeeded by Eowyn Chen, who was previously the Marketing Vice President at Binance.
In 2023, Trust Wallet collaborated with Ramp and Moonpay to offer users fiat off and on ramps, enabling them to convert to fiat directly within the app.
Functions and Features of Trust Wallet
Trust Wallet is a versatile instrument for managing digital assets due to its numerous features and functions. Trust Wallet is one of the most comprehensive wallets available, as it is claimed to support over 10 million tokens from over 100 blockchains.
The app’s integration with a variety of decentralized exchanges enables users to trade and swap cryptocurrencies directly within the app, in addition to fundamental wallet features such as sending, receiving, and storing digital assets.
A built-in Dapp browser is also included in Trust Wallet, enabling users to interact with decentralized applications directly from their wallet. This is especially beneficial for engaging in decentralized finance (DeFi) activities.
Furthermore, Trust Wallet enables users to stake specific cryptocurrencies directly from their wallet, resulting in the accumulation of additional tokens as rewards.
The wallet also facilitates the storage and administration of NFTs. Trust Wallet facilitates the direct purchase of cryptocurrency with fiat within the application by integrating with Ramp and Moonpay.
The app provides biometric authentication and an in-built security scanner, which warns users about potentially hazardous transactions to guard against scams.
How to Create a Trust Wallet Account?
Creating a Trust Wallet account is a simple procedure.
Initially, users must obtain the app, available for free on the Google Play Store and Apple App Store, or the browser extension. Users can generate a new wallet by following the instructions provided after installing the application on their preferred device.
Trust Wallet will generate a 12-word recovery phrase that users must securely store. This phrase is the sole method of regaining access to their wallet if they lose control of their device.
Upon the wallet’s creation, users have the option to fortify its security by implementing biometric authentication (facial recognition or fingerprint) and establishing a passcode.
After the wallet is established, users can add cryptocurrencies by purchasing them through the app, receiving them from another wallet, or transferring them from an exchange.
What is the Trust Wallet Token?
The Trust Wallet Token was introduced in 2020 and functions as the native utility token within the Trust Wallet ecosystem.
TWT holders can influence the platform’s future by voting on matters such as which blockchains should be supported, as well as obtaining access to discounts, payment options, and other benefits, by participating in governance decisions.
TWT is accessible on both the BNB Chain and Solana.
Are there any potential Risks associated with Using Trust Wallet?
Although Trust Wallet is generally assumed to be secure, there are certain risks associated with the use of non-custodial wallets, as users are exclusively accountable for their private keys.
The pocketbook and the funds it contains are rendered inaccessible upon the loss of the 12-word recovery phrase.
Malicious actors attempt to acquire private keys or recovery phrases by posing as legitimate entities, necessitating that users remain vigilant against phishing attacks. Users must consistently verify their engagement with the official Trust Wallet website and application.
