What Is Trust Wallet?
Trust Wallet is a non-custodial multi-crypto wallet app that gives users full control over their digital assets, from cryptocurrencies to non-fungible tokens (NFTs).
It’s Binance's official crypto wallet, and currently supports 65 blockchains such as Bitcoin, Ethereum, Tron, and Ripple, along with over 4.5 million crypto assets, including NFTs. Moreover, it even includes access to decentralized apps (DApps).
The Trust Wallet app is free to download on Android and iOS and can be downloaded via PlayStore or AppStore, respectively. It has a simple, straightforward, and interactive user interface, which has helped the platform accrue over 10 million active users.
How Does Trust Wallet Work?
Trust Wallet operates on mobile devices, and every blockchain is immediately accessible upon downloading the app. All contact information is shared only between the transacting parties, and Trust Wallet doesn’t disclose users' personal information to any third party. Trust Wallet does not hold users’ funds, and the users hold sole access to their private keys or seed phrases
Multi-Coin Support
Trust Wallet acts as a mediator that helps connect various blockchains through the use of its nodes. It has a robust mechanism for sending, receiving, and storing multiple cryptocurrencies, and currently supports thousands of crypto coins.
In-Built DApp Browser
Trust Wallet provides seamless access to various DApps built on the Ethereum blockchain and on Binance Smart Chain. This means that you can directly use the DApps on the Trust Wallet mobile app without having to sign in to them. The DApps are all vetted by the Trust Wallet team to ensure that only the most trusted DApps are used. DApps supported by Trust Wallet include PancakeSwap, OpenSea, and Uniswap. The DApps are also optimized for mobile devices so that users can conveniently access them anytime, anywhere.
NFT Support
Trust Wallet makes it easy for you to manage your crypto NFTs and game assets. Currently, the Trust Wallet app fully supports Ethereum and Binance Smart Chain NFTs. You can move your current NFTs to store in Trust Wallet, or even trade an NFT from a supported NFT marketplace DApp such as OpenSea.
What Is Trust Wallet Used For?
Trust Wallet is more than just a cryptocurrency wallet for storing cryptocurrencies. Here are four ways to use it:
1. Purchase Crypto
Trust Wallet allows users to purchase crypto with fiat currencies. Using a credit or debit card, you can purchase more than 40 cryptocurrencies on Trust Wallet.
The fees incurred with debit or credit cards can be costly, however, so it may be better to purchase crypto directly from centralized exchanges (CEXs) like Bybit.
2. Stake Crypto
Trust Wallet even allows you to earn interest on the cryptocurrency that you hold if you’re staking from your wallet. There are numerous staking options available in the Trust Wallet app, including BNB, XTZ, and KAVA.
3. Swap and Exchange
Trust Wallet also has a built-in decentralized exchange (DEX) whereby users can perform cross-chain swapping. For example, you can swap BEP-2 tokens with BEP-20 tokens. Note that trading on the Trust Wallet DEX will incur a network fee.
4. Store and Spend Stablecoins
Stablecoins are cryptocurrencies whose value is fixed by pegging them to other assets. This allows a coin’s value to remain stable, regardless of the volatile crypto market’s fluctuations. For example, Tether (USDT) and USD Coin (USDC) are tokens backed on a 1:1 basis by U.S. dollars held in reserve.
Is Trust Wallet Safe?
In case you misplace or lose your device Trust Wallet provides safe storage of private keys or recovery seed phrases for backup purposes. A recovery phrase often referred to as a seed phrase, is a string of random words produced by your crypto wallet and used to access funds across decentralized wallets.
via: learn.bybit.com
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