Trezor Wallet Adds Crypto Exchange Support with the Help of ShapeShift and Changelly
SatoshiLabs, the Prague-based maker of the popular crypto hardware wallet Trezor, has enabled its Model T users to exchange coins directly through their wallet interface, the company announced in a blog post on October 22, 2018.
Convert Bitcoin to Other Cryptocurrencies Right from Device
SatoshiLabs, one of the most recognized cryptocurrency-related startups in the space, has unveiled a new feature for its Trezor Wallet. In an October 22 blog post, the company announced the launch of a new web interface for its Trezor devices, which now allows users to “exchange cryptocurrencies directly in the Trezor Wallet interface” with the help of instant crypto swap platforms ShapeShift and Changelly.
“Starting today, you can seamlessly exchange between different cryptocurrencies without ever needing to leave the Wallet site. The entire exchange process can be initiated and observed directly in the Wallet interface,” Trezor said in the announcement.
The Trezor built-in exchange will use the channels of Changelly and Shapeshift to effect trades. Trezor itself does not plan to perform its own KYC, but the usage of the system depends on the rules required by those exchange services.
ShapeShift will soon unveil mandatory account creation, while Changelly has been known to require KYC on a case-by-case basis when platforms seen as suspicious are involved.
Update Shines Light on Choice of Partners
In its statement, Trezor made it clear that the new “exchange” feature will be handled by third-parties in their entirety. However, the company’s choice of partners, while good on paper, has certainly raised some eyebrows.
In a September report published by The Wall Street Journal, ShapeShift was accused of processing close to $9 million of illicit funds laundered via crypto exchanges. The report, titled “How Dirty Money Disappears Into the Black Hole of Cryptocurrency,” highlighted ShapeShift’s relaxed approach towards the hidden identities of its users, lack of necessary KYC measures and the continued apathy towards anti-money laundering (AML) laws.
On the other hand, Changelly, a Prague-based cryptocurrency exchange, has seen an increase in complaints in the second half of 2018, with many users saying that the exchange can effectively “steal” their cryptocurrency. Changelly has also been accused of requiring KYC documents after funds leave the wallet.