A popular crypto hardware wallet, Trezor, has announced to add another feature to its product which allows users to exchange cryptocurrencies from the wallet.
This feature now will help users to exchange between different cryptocurrencies without even leading the interface of the wallet. Various third parties are involved in this idea; Trezor has collaborated with ShapeShift and Changelly.
The user information won’t be processed by the wallet and the creators; neither will it be requested from the user. The feature is not handled by creators, but the third parties ShapeShift and Changelly handles it. Therefore, SatoshiLabs takes no responsibility for any exchange rates or functionality.
The official statements say: In the initial phase, we have decided to include third parties to handle the feature. The feature is provided by third parties and the exchange takes no responsibility for the process, fees or exchange rates.
In addition to this, KYC requirements associated with the exchange process will not be handled by Satoshi Labs.
As per the team, because the wallet and Trezor device are non-custodial, the wallet still operates without KYC. However, if the exchange providers decide to approve KYC then the enrollment and authentication will be done by them.
Both the third parties are quick crypto exchange platforms, ShapeShift in order to enable users to exchange the currencies, has introduced necessary KYC requirements. The CEO of Changelly Ilya Bere said in an interview that he was surprised by the move.
ShapeShift was arraigned for being committed in the money laundering theory by Wallet Street Journal. The CEO at ShapeShift, Erik Voorhees dismissed the claims as incorrect. He said that the Wall Street Journal article is foolish. Such industries believe more about clickbait than actually improving the monetary state of humanity.
Last year, Satoshi Labs released Trezor Model T, a new generation wallet combined with a modern interface in order to improve security and the user experience. It has a touchscreen, a good processor, and coin support.