TREZOR, a popular Bitcoin and cryptocurrency hardware wallet just upgraded to allow the users of Model T to exchange directly through their wallet interface. This implies that the user does not need to send coins from their device for conversion.
The company behind TREZOR, Santoshi Labs announced the brand new feature in a blog post on the official website. The platform aims to establish TREZOR Model T as a flagship hardware wallet. Notably, the exchange would not be governed by Satoshi Labs, ShapeShift and Changelly, the partnering third parties will do the needful. The announcement elaborated:
The exchange 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.
Interestingly, the Satoshi Labs will not handle any processes associated with the exchange process, even including the KYC requirements. The post mentions:
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. Your personal information will not be processed by Trezor Wallet / SatoshiLabs, nor will it ever be requested by the company. Customer support for exchanges will be serviced by the partners.
The official statement clarifies that Satoshi Labs will incorporate their new exchange features via various third parties. The initial choice of Changelly and ShapeShift raise some curious eyebrows.
The CEO at Changelly, Ilya Bere, stated her surprise in an interview for Bitcoinist, he reveals that he was “honestly” surprised by the move. This surprise is attributed to the fact that both partners are instant cryptocurrency exchange platforms and ShapeShift recently introduced “mandatory” KYC requirements after the platform was accused of being involved in a money-laundering scheme by the Wall Street Journal. Erik Voorhees, the CEO at ShapeShift stated:
The WSJ article’s implication that ShapeShift is somehow negligent or complicit on this issue of money laundering is false and absurd; emblematic of a media industry that cares more about clickbait sensationalism than it does about improving the financial state of mankind.