Trezor comes up with a new feature to facilitate cryptocurrency exchange

One of the popular names in the cryptocurrency hardware wallet space, Trezor has enabled its flagship Trezor wallet Model T with a feature which will allow users to exchange cryptocurrencies directly through their wallet interface. This latest development was made public by Satoshi Labs, the parent company of Trezor Wallets in its official blog on Monday. The new feature will give users the freedom to seamlessly exchange between different cryptocurrencies without ever needing to leave the wallet site. The blog goes on to add: “The new feature is provided by various third parties; SatoshiLabs bears no responsibility for the process, exchange rates, fees, or functionality. In this initial release, we have decided to cooperate with ShapeShift and Changelly. Trezor Wallet will always operate without KYC, as the Wallet or your Trezor device are not custodial. If the exchange providers decide to enact KYC, registration, and verification will be done by them.” The blog makes it clear that the new “exchange” feature will be provided by third parties and the company has decided to collaborate with ShapeShift and Changelly for this new addition. Well, the move to partner ShapeShift and Changelly looks to be an interesting one. ShapeShift was named in a report published by Wall Street Journal last month, which said that the trading platform had processed 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. Erik Voorhees, Founder and CEO of ShapeShift was quick to refute the charges and said that WSJ had "omitted certain relevant information." Calling the claims in the report "factually incorrect and deceptive", he stressed the fact that the trading platform was focused on building "a better financial system". Changelly is a leading instant cryptocurrency trading platform which provides users the ability to seamlessly exchange over 100 altcoins at the best market rate or buy them using a bank card. See Also: Lisk [LSK], Decred & Bitcoin Private supported on Trezor Wallet WSJ report criticizes ShapeShift of not containing Money Laundering Image via Shutterstock Join our Telegram group