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Trust Wallet’s SWIFT Beta Goes Live, Simplifying Web3 with Account Abstraction

source-logo  blockchainreporter.net 19 February 2024 13:41, UTC

In a significant move to demystify and secure the Web3 experience for millions, Trust Wallet, the premier mobile self-custody wallet platform, announced the public beta launch of SWIFT. This cutting-edge Smart Contract Wallet, powered by Account Abstraction (AA), represents a pivotal step towards making Web3 accessible and secure for a wider audience, with the ambition of welcoming the industry’s next billion users.

Eowyn Chen, CEO of Trust Wallet, said, “Leveraging our pioneering role in the Web3 wallets industry, we’re thrilled to help evangelize AA technology to more people. True to our mission to build a seamless and open Web3 hub for mass adoption, we continually strive to enhance security and onboarding experiences, especially for Web3 newcomers. By integrating AA technology with practical, yet secure key management solutions, we anticipate a significant upgrade in user experience, pre-empting a surge in Web3 adoption when a potential bull market is around the corner.”

Setting New Standards in Web3 Security and Simplicity

SWIFT emerges as a solution to the intricate challenges that have deterred newcomers from embracing Web3, including the complexity of the technology, security vulnerabilities, and the daunting task of managing secret phrases and private keys. With its innovative approach, SWIFT aims to redefine the standards for Smart Contract wallets by enhancing the user experience and fortifying security measures.

One of the hallmark features of SWIFT is its native gas fee abstraction capability, which accepts gas fees in over 200 different tokens—marking a 350% increase over what is currently available in the market. This expansion has been made possible through strategic partnerships with Stackup and Biconomy. Moreover, SWIFT simplifies transactions with a one-click feature and secures them with biometric-protected Passkeys, effectively lowering the barrier to entry for Web3 novices.

From a security standpoint, SWIFT distinguishes itself as a highly secure Smart Contract wallet. Trust Wallet has laid a strong emphasis on security right from the initial design phase, conducting multiple internal and external audits in collaboration with renowned firms such as Halboard and Certik.

Furthermore, with Ancilia’s support, Trust Wallet ensures continuous monitoring of smart contracts to safeguard against potential cyber threats. At the heart of SWIFT’s public beta launch is its support for seven low-cost and scalable EVM-compatible chains, including Arbitrum, Polygon, BSC, opBNB, Base, Optimism, and Avalanche, with plans to incorporate more in the future.

Trust Wallet has also introduced gas discounts with TWT tokens and gas fee sponsorships with partners during the beta phase to promote the adoption of Account Abstraction. Available as an additional wallet option within the Trust Wallet app for both Apple iOS and Android devices, SWIFT offers users the choice between the new beta version and the traditional wallet type already trusted by 80 million users globally.

Trust Wallet is a comprehensive “one-stop shop” self-custody wallet and gateway to Web3, enabling users to fully own, control, and utilize their digital assets. With a user base of 80 million worldwide, Trust Wallet simplifies, secures, and enhances the Web3 experience, supporting over 10 million digital assets across more than 100 blockchains. As a true multi-chain crypto wallet, Trust Wallet offers unfettered access to the Web3 ecosystem, ensuring users can navigate the digital asset space safely and without restrictions.