What is Trust wallet?

Trust Wallet is a non-custodial cryptocurrency wallet that allows users to store, manage and engage with various digital assets. It supports numerous cryptocurrencies, including popular ones like bitcoin, ether, ERC-20 tokens, Solana and nonfungible tokens. It is available as a mobile app on Android and iOS platforms and as a browser extension.

History and development of Trust Wallet

Trust Wallet was founded in 2017 by Ukrainian software developer Viktor Radchenko. Radchenko explained in an interview that his motivations for building the wallet were to make crypto more accessible and that he wanted a way to store his tokens on his phone. The first version of Trust Wallet was released just two weeks after he began.

Initially, Trust Wallet was designed as a simple wallet for storing ERC-20 and ERC-223 tokens on the Ethereum blockchain. However, as the cryptocurrency market expanded and diversified, so did its functionality, which grew to support additional blockchains and their tokens, such as Solana. 

In July 2018, Trust Wallet was acquired by Binance, one of the world’s largest cryptocurrency exchanges, making the wallet the official on-chain wallet for the exchange. The acquisition enabled Trust Wallet to integrate with Binance's ecosystem and provided Binance users with an on-chain mobile wallet. Since the acquisition, Trust Wallet has continued to develop, adding support for multiple blockchains, decentralized applications and staking features.

In 2022, Radchenko stepped down as CEO of Trust Wallet to focus on his family and was replaced by Eowyn Chen, former Marketing Vice President at Binance.

In 2023, Trust Wallet partnered with Moonpay and Ramp to provide users with fiat off and on ramps, allowing the conversion to fiat directly within the app.

Features and functions

Trust Wallet offers several features and functions that make it a versatile tool for managing digital assets. Trust Wallet claims to support over 10 million tokens from over 100 blockchains, making it one of the most comprehensive wallets available. 

In addition to basic wallet features like sending, receiving, and storing digital assets, the app's integration with various decentralized exchanges allows users to trade and swap cryptocurrencies directly within the app. 

Trust Wallet also includes a built-in Dapp browser, which allows users to interact with decentralized applications directly from their wallet. This is particularly useful for participating in decentralized finance DeFi activities. 

Additionally, Trust Wallet allows users to stake certain cryptocurrencies directly from their wallet, earning rewards as additional tokens. The wallet also supports the storage and management of NFTs. Through its integrations with Moonpay and Ramp, Trust Wallet also supports purchases of crypto with fiat directly within the app.

In terms of security features, the app offers biometric authentication and an in-built security scanner, which provides warnings about potentially risky transactions to help protect users from scams.

What’s needed to set up a Trust Wallet account?

Setting up a Trust Wallet account is a straightforward process.

First, users need to download the app, which is free on the Google Play Store and Apple App Store, or download the browser extension. After installing the app on their chosen device, users can follow the prompts to create a new wallet.

Trust Wallet will then generate a 12-word recovery phrase, which users must securely store, as it is the only way to recover their wallet if they lose access to their device.

After creating the wallet, users can enhance security by enabling biometric authentication (fingerprint or facial recognition) and setting a passcode.

Once the wallet is set up, users can add cryptocurrencies by purchasing them through the app, receiving them from another wallet, or transferring them from an exchange.

What is Trust Wallet Token?

Trust Wallet Token was launched in 2020 and serves as the native utility token within the Trust Wallet ecosystem. TWT holders can participate in governance decisions, influencing the platform's future by voting on matters such as which blockchains should be supported, as well as gaining access to discounts, payment options, and other benefits.

TWT is available on both the BNB Chain and Solana.

Are there any risks to using Trust Wallet?

While Trust Wallet is generally considered secure, there are some risks with using non-custodial wallets, since users are solely responsible for their private keys. Losing the 12-word recovery phrase means losing access to the wallet and the funds stored within it.

Users also need to be vigilant against phishing attacks, where malicious actors attempt to steal private keys or recovery phrases by posing as legitimate entities. It is important for users to always ensure that they’re interacting with the official Trust Wallet website and app.