The History and Development of Trust Wallet
Founded in 2017 by Ukrainian software developer Viktor Radchenko, Trust Wallet was created to make cryptocurrency more accessible. Radchenko's vision was to provide a simple way to store tokens on mobile devices. Remarkably, the first version of the wallet was released just two weeks after he began development.
Initially, Trust Wallet supported ERC-20 and ERC-223 tokens on the Ethereum blockchain. As the crypto market expanded, so did the wallet's capabilities. It now supports numerous blockchains, including Solana.
In July 2018, Trust Wallet was acquired by Binance, one of the largest cryptocurrency exchanges, becoming its official on-chain wallet. This partnership allowed Trust Wallet to integrate with Binance’s ecosystem, enhancing its offerings with support for decentralized applications (DApps) and staking features.
In 2022, Radchenko stepped down as CEO, succeeded by Eowyn Chen, former Marketing VP at Binance. By 2023, Trust Wallet partnered with Moonpay and Ramp, enabling users to convert crypto to fiat directly within the app.
Features and Functions of Trust Wallet
Trust Wallet supports over 10 million tokens across more than 100 blockchains, making it one of the most comprehensive wallets on the market. Beyond basic features like sending, receiving, and storing cryptocurrencies, users can trade and swap assets directly through decentralized exchanges integrated within the app.
It also includes a built-in DApp browser, allowing interaction with decentralized finance (DeFi) protocols. The wallet supports staking for certain cryptocurrencies and the management of NFTs. Users can purchase crypto with fiat thanks to partnerships with Moonpay and Ramp.
On the security side, Trust Wallet offers biometric authentication and a security scanner that warns users of potentially risky transactions.
How to Set Up Trust Wallet
Setting up a Trust Wallet account is straightforward. Users can download the app from the Google Play Store, Apple App Store, or as a browser extension. After installation, a new wallet is created, and users are provided with a 12-word recovery phrase to store securely.
Additional security measures, such as biometric authentication and a passcode, can be enabled. Users can then add cryptocurrencies via purchases, transfers, or by receiving them from other wallets.
What is Trust Wallet Token?
Launched in 2020, Trust Wallet Token (TWT) serves as the platform’s utility token. TWT holders participate in governance decisions, such as which blockchains to support, and enjoy benefits like discounts and payment options. TWT is available on both the BNB Chain and Solana.
Risks of Using Trust Wallet
While Trust Wallet is generally secure, non-custodial wallets place full responsibility for private keys on the user. Losing the 12-word recovery phrase means permanent loss of access to the wallet and its funds. Additionally, users must remain vigilant against phishing attacks and ensure they are using official Trust Wallet platforms.
