Trust Wallet Introduces Crypto-to-Fiat Withdrawals with MoonPay and Ramp Partnership
Trust Wallet, a noncustodial and multichain crypto wallet, has partnered with MoonPay and Ramp to introduce seamless crypto-to-fiat withdrawals for its users. The new partnership allows Trust Wallet users to convert crypto to fiat directly within the wallet app without the need for transferring funds to a centralized exchange to liquidate or convert to fiat. This feature enables users to enter and exit the cryptocurrency market entirely through their self-custody wallet, giving them complete control of their cryptocurrency funds.
Crypto-to-Fiat Conversion Amid Exchange Shutdowns
The introduction of the crypto-to-fiat conversion feature comes at a time when centralized exchanges and even peer-to-peer platforms are shutting down. Paxful, a popular P2P global exchange, recently announced its closure on April 4 due to regulatory challenges and staff shortages. With Trust Wallet’s new off-ramp feature, users can easily convert their cryptocurrencies to fiat without relying on centralized exchanges or P2P platforms.
Benefits of Trust Wallet’s Off-Ramp Feature
Trust Wallet’s Head of Product, Eric Chang, stated that the off-ramp feature would be a boon for customers, especially during times of market turbulence and scrutiny over the management of customers’ funds. Trust Wallet’s partnership with Ramp and MoonPay is expected to provide Trust Wallet’s 60 million users with a safe and secure way to access the cryptocurrency market and manage their funds.
About Trust Wallet
Trust Wallet is the official cryptocurrency wallet of Binance and offers access to 65 different blockchains. In addition to crypto storage, Trust Wallet also gives users access to decentralized applications (DApps) and enables them to communicate with DApps on any supported blockchain. Some of its key features include buying, staking, trading, and storing various cryptocurrencies.
Hot Wallet vs. Cold Wallet
It’s important to note that Trust Wallet is not a cold wallet or hardware wallet where it remains offline until given access by the user. Trust Wallet works as a hot wallet as long as there’s an internet connection, and the wallet can be accessed via a secure connection online. However, it’s essential to take precautions when using hot wallets and ensure that security measures are in place to protect your funds. Unfortunately, the lack of security led to a disaster for the co-founder of the Web3 metaverse game engine “Webaverse,” who lost $4 million from his Trust Wallet.
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