Trust Wallet, the multi-chain and self-custodial wallet, has partnered with Ramp and MoonPay to introduce crypto-to-fiat withdrawal for its users. The partnership will allow users of the wallet to convert crypto to fiat directly within the wallet app.
The feature eliminates the need to transfer funds to a centralized wallet to settle or convert to fiat. With the help of this new functionality, users can now fully enter and exit the cryptocurrency market through their self-custody wallet and take complete control of their cryptocurrency funds.
The crypto-to-fiat conversion feature comes at a time when centralized exchanges and even peer-to-peer platforms are shutting down. The latest to shut down is Paxful, a popular global P2P exchange that announced its shutdown on April 4, citing regulatory issues and staff shortages.
Trust Wallet’s head of product, Eric Chang, said that the withdrawal ramp feature would be of great help to clients, especially at a time when the market is turbulent and cryptocurrency platforms are under heavy scrutiny over the management of client funds.
Trust Wallet is the official cryptocurrency wallet of Binance. It offers access to 65 different blockchain networks and has a customer base of 60 million users. The wallet also offers users access to decentralized applications (DApps), allowing them to communicate with DApps on any supported blockchain. Some of its main functions are to buy, stake, trade and store various cryptocurrencies.
However, Trust Wallet is not a cold wallet or hardware wallet, where it remains offline until users give it access. Trust Wallet works like a hot wallet as long as there is an internet connection. The wallet can be accessed through a secure online connection. Although this feature was intended to help users, it turned out to be a disaster for the co-founder of the metaverse Web3 game engine “Webaverse”, who lost $4 million from his Trust Wallet.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.