With the growing adoption of cryptocurrencies, there has been an increase in demand for software solutions which enable cryptocurrency holders to manage digital assets, engage in transactions on blockchain networks, and use services in the Web3 environment.
One of the cryptocurrency wallets that exists in this market niche is Trust Wallet, which allows managing different blockchain networks, digital assets, decentralized finance services, and non-fungible tokens.
Trust Wallet acts as a non-custodial solution, which means that users control their private keys and recovery phrases in this cryptocurrency wallet. Therefore, the responsibility of asset management lies directly on users, giving them access to different blockchain networks.
Trust Wallet Development and Ownership
Trust Wallet was launched in November 2017 by Viktor Radchenko. The wallet later became part of the Binance ecosystem following its acquisition in 2018. In early 2021, Eowyn Chen assumed the role of chief executive officer.
The platform has reported more than 70 million users and supports access to numerous blockchain networks through a single application. Trust Wallet is available as a mobile application for Android and iOS devices and as a browser extension for desktop users.
Key Milestones
- Incorporated in November 2017
- Bought out by Binance in 2018
- Changeover in leadership in 2021
- Offering services for more than 100 blockchain networks
- Having reported a total of more than 70 million users
- Support Networks and Digital Assets
The key responsibilities of the Trust Wallet are to provide access to multiple blockchain ecosystems through a single platform. It supports more than 70 blockchains while allowing its users to manage millions of digital assets.
These blockchain networks comprise major platforms widely used in the cryptocurrency market. Users do not need multiple wallet applications to manage these assets.
Blockchain Networks That Are Supported
- Bitcoin
- Ethereum
- BNB Smart Chain
- Solana
- Cosmos
- Polkadot
Further blockchain networks that are supported by the application. The wallet enables users to hold over 10 million digital assets, including cryptocurrencies, stablecoins, and blockchain tokens. Furthermore, users can manage NFT collections via the wallet.
Trust Wallet Features and Services
Trust Wallet integrates multiple blockchain-related features into a single platform. The following services aim to provide access to asset management, decentralized finance solutions, and Web3 applications.
Main Features
- Crypto storage
- Crypto transfers
- Swap function
- NFT management
- Staking solutions
- DApps access
- Purchase of crypto with fiat money
Wallet users have an option to swap their tokens from one another in the app itself. As per the platform, there are millions of trading pairs that can be accessed through third-party liquidity providers.
In addition to this, users have an option to buy cryptos using fiat money via the supported on-ramps in the wallet.
Trust Wallet DApp Browser and Web3 Access
One of the features worth highlighting in this mobile app is the DApp browser built into the app.
Source: Trust Wallet
The browser gives the user access to a range of blockchain-enabled service providers and marketplaces.
List of Compatible DApps
- OpenSea
- PancakeSwap
- 1inch
- Uniswap
By utilizing these services, users will be able to use decentralized exchange protocols, NFT marketplaces, and other blockchain services while keeping control over their digital property.
Staking Services in Trust Wallet
A staking feature is available in Trust Wallet. Staking enables the delegation of funds to validators of blockchain networks.
Staking Assets that can be staked are as follows:
| Asset | Network Purpose |
| BNB | Participation in network validation |
| Polkadot (DOT) | Nomination of validators and network security |
| Cosmos (ATOM) | Participation in consensus |
| Other assets | Varies depending on the network supported |
The rate of return is subject to the efficiency of the validators involved and the staking options on the particular blockchain network.
Custom Token Management in Trust Wallet
The wallet application enables its users to customize their token listings using features provided.
Adding Custom Token:
- Go to the asset management page
- Find the token through its name or token contract address.
- Activate the token if present.
- Import the token manually.
- Choose the correct blockchain network.
- Input the token contract address.
The procedure enables users to monitor the balances of the supported tokens that might not appear automatically.
Functions of Trust Wallet Token
TWT is the name of the governance token for the Trust Wallet. TWT token holders can actively participate in governance activities related to proposals regarding wallet functionality and features. However, it has a cap of 1 billion tokens and is available on both BNB Smart Chain and BNB Beacon Chain.
Apart from governance, there are some other functions linked to using the TWT token.
Security Measures in Trust Wallet
Trust Wallet is used as a non-custodial wallet, which implies that the private keys and seed phrases belong to the users themselves, not the platform.
In accordance with the provided data, there have been several cybersecurity companies’ independent audits of the wallet.
Reported Security Features
- Private key management by users
- Recovery phrase management by users
- Independent security audit
- Risky transaction monitoring
- Wallet balance monitoring absence
- User IP address monitoring absence
The mentioned wallet also provides monitoring to detect suspicious and risky actions.
Risks That Users Need to Take Into Account
- Inability to remember the recovery phrase leads to inability to recover lost assets.
- Revealing the private keys causes the wallet to become unsafe.
- Interacting with malicious DApps might be dangerous for security reasons.
- Phishing sites can act as fake blockchains.
- It is advised that the users validate the website links in order to make sure that the website is legitimate.
Conclusion
Trust Wallet enables users to use cryptocurrency wallets, staking services, swap tokens, NFTs, and DApps. The Trust Wallet network consists of more than 70 blockchains and over 10+ million cryptocurrencies.
FAQs
What is Trust Wallet?
Trust Wallet is a non-custodial wallet allowing storage, sending, receiving, and management of cryptocurrencies across over 70 blockchain systems through the use of private keys.
Is Trust Wallet a custodial wallet?
No, Trust Wallet is a non-custodial wallet, and you will have complete control over your private keys and mnemonic phrases.
What blockchains does Trust Wallet support?
Over 70 different blockchains are supported by Trust Wallet, among which Bitcoin, Ethereum, BNB Smart Chain, Solana, Polkadot, and Cosmos.
