Trust Wallet Explained: Features, Security, and How to Get Started

Trust Wallet is a non-custodial cryptocurrency wallet that empowers users to store, manage, and interact with various digital assets. It supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, ERC-20 tokens, Solana, and even non-fungible tokens (NFTs). Available as a mobile app for Android and iOS and as a browser extension, Trust Wallet is a versatile tool for crypto enthusiasts.

History and Development of Trust Wallet

Trust Wallet was founded in 2017 by Ukrainian software developer Viktor Radchenko. His motivation was to make cryptocurrency storage more accessible by creating a mobile-friendly wallet. The first version of Trust Wallet was launched just two weeks after development began, initially supporting ERC-20 and ERC-223 tokens.

In July 2018, Binance acquired Trust Wallet, integrating it as the official on-chain wallet for the exchange. This acquisition enabled the wallet to expand its functionality, adding support for multiple blockchains and decentralized applications (dApps). In 2022, Radchenko stepped down as CEO, with Eowyn Chen, former Marketing VP at Binance, taking over the leadership.

Trust Wallet has since added key features, including fiat on-ramp services through partnerships with Moonpay and Ramp, allowing users to convert cryptocurrencies to fiat directly within the app.

Features and Functions of Trust Wallet

Trust Wallet is packed with features designed to streamline digital asset management. The wallet claims to support over 10 million tokens across 100 blockchains, making it one of the most comprehensive wallets available.

• Trading and Swapping: Users can trade and swap cryptocurrencies directly within the app using integrated decentralized exchanges.
• Dapp Browser: Trust Wallet includes a built-in browser that allows users to access and interact with dApps.
• Staking: Users can stake certain cryptocurrencies to earn rewards.
• NFT Storage: Trust Wallet supports the management of NFTs alongside regular crypto assets.
• Security: Features include biometric authentication, passcode protection, and a security scanner to detect risky transactions.

Setting Up a Trust Wallet Account

Getting started with Trust Wallet is simple:

1. Download the app from the Google Play Store, Apple App Store, or browser extension.
2. Create a new wallet and securely store the 12-word recovery phrase. This is crucial for account recovery.
3. Enhance security by enabling biometric authentication and setting a passcode.
4. Add cryptocurrencies by purchasing through the app, transferring from another wallet, or receiving funds from an exchange.

Trust Wallet Token (TWT): The Native Utility Token

Launched in 2020, the Trust Wallet Token (TWT) is the native utility token of the Trust Wallet ecosystem. TWT holders can participate in governance decisions, receive discounts on services, and access additional benefits within the app. TWT is available on both the BNB Chain and Solana.

Also Read: Seed Phrases 101: The Essential Tool for Storing and Securing Cryptocurrency

Potential Risks of Using Trust Wallet

While Trust Wallet is generally secure, it is essential to exercise caution. Since it is a non-custodial wallet, users are solely responsible for safeguarding their private keys and recovery phrases. Additionally, phishing attacks remain a prevalent threat, so users must verify they are interacting with the official Trust Wallet platform.

Overall, Trust Wallet continues to evolve as a comprehensive crypto management tool, combining multi-chain support, staking, and DeFi access in a single user-friendly application.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.