Trust Wallet Teams up With Ramp and MoonPay to Enable Crypto-to-Fiat Withdrawals

Trust Wallet – a decentralized, non-custodial crypto wallet provider – collaborated with the payment systems – Ramp and MoonPay – to allow customers to convert their digital asset holdings into fiat directly within the application.

Users who own over 100 TWT will get a special discount when withdrawing funds.

The New Fiat Off-Ramp Feature

According to a document seen by CryptoPotato, Trust Wallet shook hands with Ramp and MoonPay to enable users to move in and out of their crypto stash entirely through their self-custody wallet without relying on centralized entities.

To reduce fees associated with withdrawals, Trust Wallet will announce a discount for people with more than 100 TWT (the native token of the ecosystem). 

Eric Chang – Head of Product – said the collaboration will offer clients “the best quotes for selling their crypto assets directly to fiat from their wallet.” 

“With the turbulent market, we think this is a timely launch to give our users the power to choose what to do with their crypto with some of the top off-ramp providers in a simple user experience,” he added.

Ramp’s CEO Szymon Sypniewicz stated that his organization is “incredibly proud” to provide such a solution for the millions of customers of Trust Wallet:

“Before our partnership, their users had to choose between the risk of simple, centralized custodial solutions and the more demanding journeys of more secure, non-custodial solutions. From now on, I’m happy to say that Trust Wallet users can enjoy the best of both worlds with Ramp.”

Speaking on the initiative was also MoonPay’s CEO Ivan Soto-Wright, who praised Trust Wallet as a reliable partner over the past few years. He believes the new integration could help consumers dive deeper into the DeFi sector.

The Recent $4 Million Exploit

A rumor in February this year hinted that a Trust Wallet user lost $4 million worth of cryptocurrencies after a scammer took a picture of his balance (without accessing his seed phrase). 

The entity revealed that the attack was carried out by a criminal unit based in Rome, Italy. “Multiple parties in the crypto community (other than the victims) have reported that they, too, were approached by the criminals. In most cases, the criminals claimed to be Web3 project investors,” it explained.

Trust Wallet said the wrongdoers met their victim in person, asking for proof of funds within a hot wallet. Later, they convinced them to move their holdings from a multisig wallet into a new, single-key Trust wallet. 

While the company warned users to be utterly careful in such cases, it assured that customer funds are “safe.”