The use of self-custody wallets is increasing. This is good because in the crypto world self custody is the key. If we don't own the key, we don't own our crypto. Although we can keep our crypto in an exchange wallet, that is not recommended because we never know when the exchange will do something wrong. We have seen in the past how some exchanges have done and because of this people lost their funds. When we follow self custody then at least we know that we have control over our funds and we just need to keep the key secure. No one can access our funds unless the keys are gone and this is why self-custody is encouraged.
Trust wallet is a leading non-custodial crypto wallet and a huge number of users use this wallet to keep their crypto. Now this wallet is trying to add more functions. They have partnered with Mercuryo which is a company that provides payment infrastructure. With this collaboration, Trust Wallet is working to provide crypto-fiat swaps. This is important and required now and this process is called off-ramp. Users will be able to swap crypto against first currency and metamask has also enabled this function in selected countries. As of now its not confirmed what countries will be selected first to enable this function by Trust Wallet.
Giant self-custody provider Trust Wallet and payments infrastructure firm Mercuryo have teamed up to enable users to turn their digital coins into real-world money, a process dubbed “off-ramping.”
This is going to be a useful feature I believe because we as users will be able to convert our crypto to fiat digital currency within our wallet. I am a big-time supporter of decentralization and safe custody in crypto. I rarely keep my funds in an exchange wallet. Sometimes its necessary to keep funds there but still we need to be considerate if its necessary. Nowadays these self-custody wallets are getting even smarter and adding more functions so it will be good for users. As of now what we have in our wallet is under control and with such wallets we can easily participate in DeFi but you never know if future govt might look into this for putting some controls.
I use this trust wallet and its an easy to use wallet that I have been using for the last few years. Earlier there was only a mobile application for this wallet but now there is a browser extension also hence we can use it on different devices. I hope that this new service is made available in more countries so that trust wallet users can benefit from this integration. There are many wallets like metamask, trust wallet xdefi etc and all of them offer different options and some of them are very user-friendly. With this option, I hope that dependency on CeX will reduce over time and this is why it can be a good and useful function within the trust wallet.
Thank you