Trust Wallet Partners with Ramp and MoonPay for Crypto-to-Fiat Withdrawals

Trust Wallet, the official cryptocurrency wallet of Binance, has announced a new partnership with Ramp and MoonPay. This partnership will introduce a new feature that enables Trust Wallet users to convert their cryptocurrency holdings to fiat currencies directly within the app.

The feature is a major development for Trust Wallet users as it eliminates the need for them to transfer their funds to a centralized wallet before they can convert their holdings to fiat. With this new functionality, users can enter and exit the cryptocurrency market entirely through their self-custody wallet, giving them complete control over their cryptocurrency funds.

Trust Wallet’s head of product, Eric Chang, emphasized that the new feature will be a boon for customers, especially during a time when the market is turbulent and crypto platforms are under heavy scrutiny over managing customers’ funds.

The partnership with Ramp and MoonPay comes as several centralized exchanges and even peer-to-peer platforms are shutting down. The latest to announce its closure is Paxful, a popular P2P global exchange that cited regulatory challenges and staff shortages as reasons for its closure.

Trust Wallet offers access to 65 different blockchains and boasts a customer base of 60 million users. In addition to crypto-to-fiat withdrawals, Trust Wallet also provides access to decentralized applications (DApps), enabling users to communicate with DApps on any supported blockchain. Its features include buying, staking, trading, and storing various cryptocurrencies.

It is worth noting, however, that Trust Wallet is not a cold wallet or hardware wallet. As long as there is an internet connection, Trust Wallet functions as a hot wallet and can be accessed via a secure connection online. While this feature was intended to help users, it proved to be a disaster for the co-founder of the Web3 metaverse game engine “Webaverse,” who lost $4 million from his Trust Wallet.

In conclusion, the partnership between Trust Wallet, Ramp, and MoonPay represents a significant step forward for Trust Wallet users. The new feature makes it easier and more convenient for users to convert their cryptocurrency holdings to fiat, without having to go through the hassle of transferring funds to a centralized wallet. While Trust Wallet is not a cold wallet, it remains a popular choice for many crypto enthusiasts who want to manage their cryptocurrency holdings independently.


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Crypto payments solutions firm Ramp raises $53 million to increase adoption of dApps

On Wednesday, crypto-fiat gateway payments provider Ramp announced it had raised a $52.7 million Series A funding round led by Balderton Capital, NFX, Galaxy Digital, Seedcamp, Firstminute Capital, and angel investors. Ramp allows its partner brands to offer crypto-enabled services, claiming that it takes mere hours for developers to integrate their decentralized applications, or dApps, with its software. It has over 400 partners, including Axie Infinity, Mozilla, Opera Browser, Dapper Labs, Aave, Argent, Trust Wallet, and Zerion. The firm has regulatory approval in the U.S., U.K., and Poland.

Current uses of Ramp include purchasing cryptocurrencies for storage in wallets directly in the Opera internet browser, buying and selling in-game content within fantasy football nonfunguible tokens, or NFTs, game Sorare, and onboarding new players in monster battle NFTs game Axie Infinity. In the future, Ramp developers plan to expand the software to help facilitate crypto transactions for financial institutions within their banking apps.

Szymon Sypniewicz, co-founder and CEO of Ramp, issued the following statement regarding the development:

“We’re on a mission to provide instant access to cryptocurrencies through a provider they can trust.”

Morgan Beller, general partner at NFX and Ramp board member, added:

“When I look at web3 companies, I ask: ‘Will this product help onboard net new users to the space?’ And, of course, does this product have network effects? Ramp is the ultimate answer to both questions. It is unique in its ability to help take web3 to the next adoption level.”