Trust Wallet launches SWIFT public beta for secure Web3 adoption through account abstraction
Posted: February 19, 2024 8:00 AM Updated: February 19, 2024 7:58 AM
Correction and fact check date: February 19, 2024, 8:00 AM
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Trust Wallet has launched SWIFT, a smart contract wallet powered by account abstraction to simplify web3 usage for new users.
Cryptocurrency wallet platform Trust Wallet today announced the public beta launch of SWIFT, a smart contract wallet powered by ‘account abstraction’ technology. SWIFT aims to serve a broader audience and build a foundation to onboard the next billion users in the industry.
According to the company, SWIFT is the answer to common obstacles faced by new users in web3 domains, addressing issues such as perceived complexity, security concerns, and cumbersome management of secret phrases and private keys. Trust Wallet aims to provide a simpler and more secure web3 journey for all users by leveraging account abstraction technology.
“We are excited to leverage our pioneering role in the Web3 wallet industry to spread Account Abstraction (AA) technology to a wider audience. Staying true to our mission to build a seamless and open Web3 hub for mass adoption, we are continuously working to improve the security and onboarding experience, especially for new Web3 users,” said Eowyn Chen, CEO of Trust Wallet.
“By integrating AA technology with a practical yet secure key management solution, we expect to significantly upgrade the user experience to proactively prevent a surge in Web3 adoption when a potential bull market is just around the corner,” Chen added.
With native gas fee abstraction, SWIFT, through partnerships with Stackup and Biconomy, allows gas fees for over 200 tokens, a 350% increase over current market offerings. Additionally, features like one-click transactions and biometric-protected passkeys address common obstacles newcomers face, streamlining their journey to the web3 while ensuring safety and ease of use.
Expanding accessibility and security in Web3 environment
Security remains critical to Trust Wallet’s vision for SWIFT, and the team prioritizes security measures from the design stage. Extensive internal audits and external checks conducted by renowned companies such as Halborn and Certik, along with Ancilia’s continuous monitoring of smart contracts, highlight Trust Wallet’s commitment to user safety and protection from potential cyber threats.
In 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 further expansion planned. I also have a plan. The future.
SWIFT is available 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 existing wallet types already trusted by a large user base of 80 million users worldwide.
As the industry continues to evolve, Trust Wallet is committed to empowering individuals to securely control their digital assets in the future of decentralized finance.
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About the author
Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s expertise lies in producing impactful content, including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s expertise lies in producing impactful content, including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.