Users can now swap cryptocurrencies from within their Trezor hardware wallets by using the firm’s beta wallet. The beta wallet is almost identical to the traditional user interface but it contains different features not yet added to the main Trezor client. On September 19, Trezor explained on Twitter, “Our beta servers now allow you to exchange cryptocurrencies directly in the Trezor Wallet interface.” The wallet’s new exchange section allows users to purchase cryptocurrencies from exchanges, and swap their existing digital assets on the same trading platforms.
When entering the beta page, it’s basically the same as the main client and you will have to plug in your Trezor and login to use the new features. Once inside the wallet, on the top right side of the screen there’s a new ‘exchanges’ tab.
If it’s a person’s first time using the exchange feature, they have to agree to a disclaimer that states basically all the trades made is between the assets’ owner and the third party trading platform. The digital asset exchanges available on the Trezor platform include Changenow, Coinmama, Changelly, Paybis, and Coinswitch. The wallet’s users can swap BCH, ZEC, XRP, LTC, BTG, XMR, DASH, DOGE, BTC, ETH, ETC, and XMR.
Trezor Exchange Feature is Optional and the Trading Platforms Might Run KYC
A representative from Trezor explains the company won’t be running any Know Your Customer (KYC) requirements for the new feature. “Just to clarify, we won’t run KYC — The exchanges might. (We do not offer exchange services, they all go through third parties.),” the team’s marketing manager details on Twitter.
It’s an optional service. If KYC will be enforced by those services, user will know it and can refuse to continue — Decentralized exchanges are, of course, being evaluated.
The Trezor hardware wallet will be joining Keepkey as the Shapeshift owned manufacturer’s hardware wallet also enables cryptocurrency swaps in-wallet as well. Keepkey owners have the ability to use Shapeshift by selecting a currency in their wallet they would like to trade with the other digital assets offered in the drop-down menu. With Shapeshift changing its business model to a membership service, it is uncertain how it will affect its compatibility with Keepkey. Ledger Wallet does not provide any exchange or trading services in any of its hardware models. However, there is a section in the Ledger Live platform that shows a Buy/Trade tab but the browser redirects the user to the exchange after it is chosen.