Trezor, a hardware crypto wallet, has unveiled new features that enable users to exchange and buy digital coins within the beta wallet ecosystem. With this wallet, there is no risk of leaving funds on the exchange. The Trezor Wallet has a clear goal: to provide a secure remote holding for virtual currencies. The crypto wallet was the first of its kind to put forward a feature that enables users to store cryptocurrencies in cold storage and doubling as a hot wallet. What does that entail? This means that while a crypto-trader trades with the funds in the hot wallet, the cold storage provides another layer of security for his/her funds.
What Are the New Functions of Trezor?
Trezor Wallet is introducing a new “Exchanges” section. The wallet allows users to transact with eleven different cryptocurrencies. Apart from that, the Trezor Wallet also guarantees the security of the user’s funds. Truly, all the users can now convert their holdings into digital currencies unaided within the wallet ecosystem. Indeed, the new feature gives access to the users to purchase digital currencies on exchanges. Also, the latest addition allows the users to exchange their cryptocurrency for another.
Confirming the Beta Wallet Release
In a Twitter post last Wednesday, Trezor disclosed the function of the new feature, encouraging users to test it and drop feedback afterward. The company also announced that the users wouldn’t have to go through any KYC (know-your-customer) procedure when signing up for the wallet.
Feature release: Our beta servers now allow you to exchange cryptocurrencies directly in the Trezor Wallet interface. Feel free to test this awesome feature and make sure to leave your feedback below!https://t.co/p9edjfUF4p pic.twitter.com/QePd0Lqkcu
— Trezor (@Trezor) September 19, 2018
Further, the Trezor team clarified the idea of running KYC, saying that other exchanges may run it but certainly not the wallet. They also noted that they don’t offer exchange services. They said that such services are accessed via a third party. The team further stressed that if the exchanges will implement KYC regulations, the user may choose whether to continue or not.
Exchange and Cryptocurrency Support
Essentially, the Trezor Wallet supports particular exchanges and cryptocurrencies. For instance, it supports exchanges like Changelly, Coinmama, Coinswitch, Changenow and Paybis. On the other hand, the wallet supports lots of cryptocurrencies. These digital currencies include BTC, BTG, BCH, LTC, ZEC, XRP, DASH, ETH, ETC, DOGE, and XMR. Also, the absence of KYC differentiates the cryptocurrency from the wallets of regular exchanges, as most centralized (and sometimes the decentralized) exchanges implement the KYC policy. Without a doubt, this makes the Trezor Wallet more accessible and convenient for the users. As it is, the user community is excited to see the new function in action. Many of them say that it will help in popularizing the fortifying wallet.
This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
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