A feature that has been missing from crypto wallets forever has just been added by Trezor. It’s adding the ability to exchange cryptocurrencies from within your crypto wallet – meaning that you don’t have to go through the process of depositing cryptos to an exchange as a means to trade and withdraw anymore.
Trezor has teamed up with Changelly and ShapeShift to be able to provide the service. As such is the case, Trezor won’t be responsible for the exchange of your cryptos or the fees attached to the trade – meaning if something goes wrong you have to get in touch with one of the third-party providers.
External KYC Might Be Necessary
While this new feature might seem pretty handy – saving you valuable time when it comes to quickly swapping between cryptos – it could also become a bit of a headache. For the initial release ShapeShift and Changelly will be handling the trading of cryptos, and if you opt to be a part of ShapeShift’s membership program you will need to pass KYC – this is where problems begin. The KYC process can take up to 24 hours to complete, so it would actually be quicker to use any exchange that you’ve already signed up for to complete the trade. In addition to this, ShapeShift and Changelly are known to have higher fees than a number of other exchanges, so it could be more cost effective to spend the extra time and use your own exchange.
A Novelty Feature
When you weigh up the pros and cons of this new feature, it starts to look more and more like it’s just a novelty addition. While it might be handy to make a quick trade if one crypto is pumping, chances are the higher fees will eventually wipe out the profits you would have made. If you’re looking for novelty features, the new Cobo Vault hardware wallet will be right up your street. The Cobo Vault will self-destruct – well, it will actually just wipe itself rather than blow up – if the outer case is tampered with. This means that your cryptos will be safer than ever before.
The new exchange feature looks highly polished and relatively straightforward, but it also feels like a marketing stunt to get a leg up on the competition. SatoshiLabs – the company behind Trezor – and Ledger – the company behind the Nano S hardware wallet – have been in a marketing pissing match lately, trying to outdo one another when it comes to discounts and new features. There is a good chance this feature will be wildly underused, but at minimum it’s nice to have the option there.