Trust Wallet, which was acquired by Binance in mid-2018, has recently integrated Dash into their wallet services.announcement, they cite Dash’s two-tiered masternode system that grants Dash users additional security, faster and cheaper transactions, and the ability to retain more privacy.
Trust Wallet also made news last year for being acquired by Binance, the popular cryptocurrency exchange. Binance offers trading in many cryptocurrencies, including Dash, and now Trust wallet offers a similarly large number of cryptocurrency support. This helps expand the number of on-boarding channels that consumers can choose from when wanting to enter the Dash ecosystem, including the fact that Trust Wallet claims their wallet works seamlessly with the Binance DEX.
Importance of easy to use security
With cryptocurrencies growing in popularity, there are many new multi-currency wallets on the market. While this occurrence provides a lot of options for consumers, it also provides a need to vet many of them to ensure they are secure. One of the top criteria to check is if a user owns their own private keys and thus their cryptocurrency, which Trust Wallet does enable. They also claim that a user’s private keys are protected with “many layers of security”. Another major concern for consumers is overall and extensive ease of use.
Trust Wallet also enables in-wallet access to DApps and Web3 “to interact with decentralized applications (DApp) directly from the app”. While Dash is still working on its own DAPI and DApp selection, Trust Wallet’s integration of DApps for Ethereum demonstrates the consumer demand for such applications. Trust Wallet’s simple user interface also helps demonstrate that to increase usage there has to be lower switching costs to motivate consumers to adopt cryptocurrency. Additionally, the fact that Binance now owns Trust Wallet, it can encourage more users to make exchanges through the Binance exchange, but keep their funds secured within the wallet when not trading. This helps correct a trend for new entrants to the cryptocurrency space that keep their funds on exchanges where they do not own the private keys and thus are at a greater risk of having their funds stolen. Correcting this trend will help correct false narratives that cryptocurrency is not secure when it is in fact user error and exchanges that are not secure.
Dash focused on educated consumer adoption
Dash has made an effort to not only increase consumer adoption of Dash, but also ensure they are educated about the technology in an easy to understand way. Multiple community outreach groups help educate consumers about how to properly use Dash and secure their funds with their own private keys. Additionally, Dash Documents and other online forums and chats help provide answers for consumers and merchants. This helps mitigate adoption that comes at the cost of consumers being more at risk of losing funds. Dash wants to be everyday digital cash to help spread monetary and financial freedom and this includes teaching consumers to take responsibility for their own finances. Dash being integrated into more robust wallets helps expand these educational on-ramp opportunities.