Trust Wallet starts public beta of ‘SWIFT’ for its smart contract wallet

Trust Wallet, the leading mobile self-custody Web3 wallet, has introduced the public beta testing phase of SWIFT, a smart contract wallet powered by Account Abstraction (AA). 

By utilizing the new technology, Trust Wallet is working towards simplifying and fortifying Web3 accessibility for a wider audience, seeking to welcome the next billion users to the industry.

What is SWIFT?

SWIFT is a smart contract wallet meant to tackle prevalent challenges encountered by newcomers in the Web3 sphere, including the perceived complexity, security apprehensions, and the intricacies of secret phrases and private keys, which can now be streamlined with one-click transactions and Passkeys fortified with biometric protection.

Introducing a native gas fee abstraction function, SWIFT enables gas fee acceptance in over 200 tokens, a remarkable 350% increase compared to current market offerings made possible by strategic partnerships with Stackup and Biconomy. 

The Trust Wallet team prioritizes security throughout the development phase, implementing rigorous protocols and undergoing both internal audits and external assessments conducted by Halborn and Certik. 

Supported by Ancilia, continuous monitoring of smart contracts further fortifies defenses against potential cyber threats, underscoring Trust Wallet’s steadfast dedication to user safety.

Eowyn Chen, CEO of Trust Wallet, expressed enthusiasm about propagating AA technology to a wider audience, emphasizing the company’s pioneering position in the Web3 wallets sector:

“Leveraging our pioneering role in the Web3 wallets industry, we’re thrilled to help evangelize Account Abstraction (AA) technology to more people. True to our mission to build a seamless and open Web3 hub for mass adoption, we continually strive to enhance security and onboarding experiences, especially for Web3 newcomers. By integrating AA technology with practical, yet secure key management solutions, we anticipate a significant upgrade in user experience, pre-empting a surge in Web3 adoption when a potential bull market is around the corner.”

— Eowyn Chen, Trust Wallet CEO

How applicable is SWIFT?

SWIFT debuts as an additional wallet option within the Trust Wallet app, catering to users across Apple iOS and Android devices as well as providing a choice between the new SWIFT beta and the traditional wallet type already embraced by 80 million users worldwide.

However, it also highlights Trust Wallet’s commitment to multi-chain functionality by extending support to seven low-cost and scalable EVM major chains, including Arbitrum, Polygon, BSC, opBNB, Base, Optimism, and Avalanche, with plans for further expansion. 

To facilitate users in exploring the capabilities of AA, Trust Wallet has introduced gas discounts with the TWT token and gas fee sponsorships with partners during the beta testing phase.