It’s now possible to convert your Bitcoins to other cryptocurrencies right from your device thanks to a new upgrade on the Trezor Wallet. The update has been added to the original Model T hardware wallet. Hence users will no longer have to send their coins to exchanges from their device for conversion.
An Exchange Within The Wallet
The announcement was made yesterday by SatoshiLabs, the company behind the Trezor wallet.
“ Therefore, it is with excitement that we announce the release of Exchanges to the Trezor Wallet today, making the Wallet more versatile and useful than ever before. Starting today, you can seamlessly exchange between different cryptocurrencies without ever needing to leave the Wallet site. The entire exchange process can be initiated and observed directly in the Wallet interface.”
It’s important to note that Satoshi Labs will not handle the exchange feature. Therefore, they have partnered with third parties namely Changelly and ShapeShift.
In the official statement, the company says that various third parties will provide the exchange feature. Hence SatoshiLabs will not be responsible for the whole process, exchange rates, fees, and functionality.
There is nothing that is associated with the whole exchange process that will be handled by SatoshiLabs including KYC requirements:
“Trezor Wallet will always operate without KYC, as the Wallet or your Trezor device are not custodial. If the exchange providers decide to enact KYC, registration, and verification will be done by them. Trezor Wallet / SatoshiLabs will not process your personal information, nor will it ever be requested by the company. The partners will service customer support for exchanges.”
Even though both Changelly and ShapeShift are instant cryptocurrency exchange platforms, the choice of the latter is quite interesting.
ShapeShift recently introduced a mandatory KYC to allow users to exchange virtual currencies. Why SatoshiLabs decided to partner with the company is quite surprising even to llya Bere, the CEO of Changelly.
For now, we will have to wait and see how this arrangement works.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.
