Binance’s Trust Wallet Launches In-App Crypto to Fiat Withdrawals

Trust Wallet’s latest partnerships let users convert crypto to fiat in the app.
Trust Wallet will enable users to cash in and out of crypto without CEXs.
As CEXs fall out of favor, users are getting more serious about self-custody.

Trust Wallet announced a feature that could significantly boost self-custody in the crypto space. Users can now move in and out of crypto directly from their wallets.

On Wednesday, Trust Wallet, the largest self-custodial and multi-chain wallet, announced a landmark partnership with Ramp and MoonPay, two industry-leading cryptocurrency payment service providers. The cooperation between these firms will enable users to convert their crypto to fiat currency directly through the Trust Wallet app.

‘Seamless, Convenient Experience’ – Trust Wallet

Trust Wallet is a crypto wallet company headquartered in Mountain View, California. Its owner is Binance, the largest global crypto exchange.

The company aims to provide a “simple, seamless, and convenient experience for users” in owning crypto. According to Eric Chang, Trust Wallet’s Head of Product, users will get the best rates for selling their crypto through the app.

“We’re thrilled to announce the launch of our new fiat off-ramp feature on Trust Wallet,” Chang said. “By partnering with both Ramp and Moonpay, we’re able to offer our users the best quotes for selling their crypto assets directly to fiat from their wallet, without the need to transfer back and forth with a centralized exchange.”

Holders of more than 100 Trust Wallet (TWT) tokens, worth roughly $120, will also be given a discount on withdrawal fees.

So far, both centralized and self-custodial solutions have presented unique challenges to users, Szymon Sypniewicz, CEO at Ramp, said. Trust Wallet will now offer its users “the best of both worlds,” he added.

“Before our partnership, their users had to choose between the risk of simple, centralized custodial solutions and the more demanding journeys of more secure, non-custodial solutions,” Sypniewicz said. “From now on, I’m happy to say that Trust Wallet users can enjoy the best of both worlds with Ramp.”

What Does This Mean for Self-Custody?

The new feature aligns with Trust Wallet’s commitment to giving users greater control over their crypto.

The integration with Ramp and MoonPay involves third-party services, which are centralized to some extent. However, Trust Wallet’s self-custodial nature remains intact. This means users’ funds are safe even if Trust Wallet goes bankrupt.

As centralized exchanges fall out of favor, users are getting more serious about self-custody. Trust Wallet’s latest innovation is a positive development in this direction.

On the Flipside

While it might seem so initially, the new feature will likely not disrupt centralized exchanges. These still offer a range of services for crypto traders unavailable in the Trust Wallet.
Binance, the world’s largest exchange, owns the Trust Wallet. This makes it even less likely that the new feature would threaten exchanges.