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February 19, 2024

Trust Wallet Debuts SWIFT in Public Beta for Secure Web3 Adoption with Account Abstraction

In Brief

Trust Wallet launched SWIFT, a smart contract wallet powered by Account Abstraction to simplify web3 utilization for newcomers.

Trust Wallet Debuts SWIFT in Public Beta for Secure Web3 Adoption with Account Abstraction

Cryptocurrency wallet platform Trust Wallet announced today the public beta launch of SWIFT – a smart contract wallet powered by ‘Account Abstraction’ technology. SWIFT aims to cater to a broader audience and establishes ground to prepare for onboarding the next billion users in the industry.

According to the company, SWIFT is an answer to the typical obstacles newcomers face in the web3 domain, tackling issues like perceived complexity, security apprehensions, and the cumbersome management of secret phrases and private keys. Utilizing Account Abstraction technology, Trust Wallet aims to pave way for a more straightforward and more secure web3 journey for every user.

“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,” said Eowyn Chen, CEO of Trust Wallet.

“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,” Chen added.

With native gas fee abstraction, SWIFT accepts gas fees in over 200 tokens – a 350% increase compared to current market offerings – through partnerships with Stackup and Biconomy. Additionally, features like one-click transactions and biometric-protected Passkeys address common hurdles newcomers face, streamlining the journey into web3 while ensuring safety and ease of use.

Expanding Accessibility and Security in the Web3 Landscape

Security remains vital in Trust Wallet’s vision for SWIFT, with the team prioritizing security measures from the design phase. Extensive internal audits and external checks conducted by renowned firms such as Halborn and Certik, coupled with ongoing smart contract monitoring by Ancilia, underscore Trust Wallet’s commitment to user safety and protection against potential cyber threats.

At its public beta launch, SWIFT continues Trust Wallet’s tradition of supporting multiple chains, with initial support for seven low-cost and scalable EVM major chains including Arbitrum, Polygon, BSC, opBNB, Base, Optimism, and Avalanche, with plans for further expansion in the future.

SWIFT is being offered as an additional wallet option within the Trust Wallet app, available for both Apple iOS and Android devices. This allows users to choose between the new SWIFT beta and the traditional wallet type already trusted by a massive user base of 80 million worldwide.

As the industry continues to evolve, Trust Wallet is working to empower individuals to take control of their digital assets securely in the decentralized future of finance.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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