Trust Wallet, the biggest mobile self-custody wallet on Web3, today announced the public beta test of SWIFT, a Smart Contract Wallet powered by Account Abstraction. In order to be prepared to enroll the next billion consumers in the industry, Trust Wallet is paving the way to better secure and simplify Web3 for a larger audience by using this technology.
Trust Wallet’s SWIFT is intended to solve typical problems that novice Web3 users have, such as the perceived complexity, security issues, and trouble with appropriately handling private keys and secret phrases.
For smart contract wallets, SWIFT creates new industry standards that include improved security and user experience. By collaborating with Stackup and Biconomy, SWIFT is now accepting gas fees in over 200 tokens—350% more than the market currently offers—thanks to the native gas fee abstraction functionality. One-click transactions and biometrically secured Passkeys are the tools that SWIFT offers to help new users overcome frequent obstacles and make the transition to Web3 safer and simpler.
As far as security goes, SWIFT is a Smart Contract wallet that is very secure. The Trust Wallet team addressed security first right from the start of the design process, putting in place a number of stringent controls, such as frequent internal audits and external inspections by Halboard and Certik. The ability to monitor smart contracts continuously thanks to Ancilia’s help improves defense against any cyberattacks. This all-encompassing security plan validates Trust Wallet’s commitment to user security.
Eowyn Chen, CEO of Trust Wallet, said:
“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.”
With plans to add more, SWIFT is set to handle seven main EVM chains that are scalable and low-cost, including Arbitrum, Polygon, BSC, opBNB, Base, Optimism, and Avalanche. This marks the continuation of Trust Wallet’s multi-chain heritage at the public beta launch. Furthermore, Trust Wallet has introduced the gas discount with TWT token and gas fee sponsorship with partners during the beta testing phase in order to assist customers in experiencing the potential of Account Abstraction.
The Trust Wallet app, which is compatible with iOS and Android smartphones, now includes SWIFT as an additional wallet option. This allows users to choose between the new SWIFT beta and the conventional wallet type that is already trusted by 80 million people globally.
Source: https://thenewscrypto.com/trust-wallet-announces-public-beta-test-of-smart-contract-wallet-swift/