Dapps Platform Inc is the software company that created the Trust Wallet app. The company is also a subsidiary of Binance Holdings Ltd. In this article, we will examine the creation process, features, advantages, and disadvantages of Trust Wallet.
Trust Wallet App Developed by Dapps Platform Inc
The wallet was created by the software company Dapps Platform Inc. In July 2018, it was acquired by Binance Holdings Ltd and became the official cryptocurrency wallet of the cryptocurrency exchange Binance. It is not known how much Binance bought the wallet application.
What is Trust Wallet?
Trust Wallet is a decentralized cryptocurrency wallet application where users can control their digital assets, such as cryptocurrencies and NFTs. The app currently supports more than 65 blockchains and provides access to more than 4.5 million crypto assets. In addition, the number of users of the app is growing every day, with more than 25 million current users.
Trust Wallet
Features of Trust Wallet
The app allows users to buy, send, stake, exchange, and store cryptocurrencies. The company’s goal is to promote the use of cryptocurrency globally by making it more accessible to everyone. The app has many pros and cons. One of the biggest pros is access to decentralized applications, while the biggest con is that Trust Wallet can only be used as a hot wallet.
Multiple Cryptocurrencies Support
Most cryptocurrency wallets only support ERC-20-based tokens. One of the most prominent features of the app is that it supports more than 65 blockchains and over 4.5 million digital assets.
Ease of Purchase
Users can buy cryptocurrencies from third-party platforms such as Wyre, Moonpay, and Simplex. The platform also allows users to buy Bitcoin (BTC), Litecoin (LTC), Tron (TRX), Ripple (XRP), and Ethereum (ETH) for up to $20,000 with a credit card.
NFT Support
It is common knowledge that NFTs are growing in popularity every day. The app serves not only as a crypto wallet but also as an NFT wallet. Users can buy, sell and store NFTs.
Staking Options
The app supports many proof-of-stake blockchains. Therefore, users can earn by staking more than 12 cryptocurrencies, including BNB, TRX, XTZ, and ATOM.
Free to Use
The app can be used entirely free of charge without any subscription. There is also no charge for in-app trading.
Easy to Use
As stated in the company’s mission statement, the app was created with the goal of making crypto mainstream and accessible to everyone. Therefore, the app is designed with user-friendliness in mind. Any user with a mobile device can easily download and use the app.
Disadvantages
Although the app has many advantages, we should also mention its disadvantages. Firstly, the Trust Wallet application only serves as a hot wallet. The lack of a cold wallet is seen by many users as one of the biggest disadvantages.
Limited customer support is the second biggest problem. In addition, the app’s dApp browser cannot be viewed on iOS-supported mobile devices. Although this problem is not exactly caused by app creators, it is a problem for many users.
How Trust Wallet Works?
Since the wallet is completely decentralized and non-custodial, users’ assets are fully secured. No 3rd party can access, view or control user assets.
The application only works on mobile devices. Users can effortlessly download and install it via Google Play Store or App Store. User information is stored within the scope of the privacy policy and is not shared with any third-party institutions and organizations.
How to Use Trust Wallet?
Users who want to use Trust Wallet must first download the application to their mobile devices. After the installation process is complete, users need to create a wallet and complete the necessary steps. At this point, the application does not ask you for any KYC verification.
Once the account creation process is complete, users are required to set a 6-digit security password. This password is used to access your wallet and should not be shared with others.
Wallet Recovery Phrases
In case your mobile device is lost or stolen, you need to set up a recovery key consisting of 12 words to recover your wallet. It is very significant that users enter and store the 12 words in the correct order.
Since Trust Wallet is a non-custodial wallet, it cannot provide access to users’ assets. This means that users have no recourse to recover their accounts in the event of a security breach or loss of their wallet.
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