Crypto wallet: no withdrawal anymore

The latest update for the Trezor Model T hardware crypto wallet has been added to the cryptocurrency exchange function through the device’s own web interface. Thus, users who want to exchange their cryptocurrency for another asset no longer need to withdraw money from the wallet.

It is important to note that the exchange function is not controlled by Satoshi Labs which The company that issues the wallet, but with the help of partners ShapeShift and Changelly.

“The exchange function is provided by third-party firms. Satoshi Labs is not responsible for the process, exchange rates, commissions or functionality. As part of the first release, we decided to start working with ShapeShift and Changelly,” the company said in an official statement.

Changelly and ShapeShift are platforms for instant cryptocurrency exchange, however, the latter recently introduced KYC-procedures for users exchanging digital currencies.

SatoshiLabs adds: “The Trezor wallet will always work without identifying the user because Trezor device is not custodial. If the exchange service providers decide to use the KYC-procedures, then they themselves will perform the registration and verification. Trezor Wallet and SatoshiLabs will neither process nor solicit your personal information. Customer support for the exchange function will be provided by partners.”

Changes in the source of operation of the ShapeShift service were made shortly before the publication of an article in the Wall Street Journal that the company’s platform was used for money laundering through cryptocurrency.

ShapeShift’s CEO Eric Voorhees immediately dismissed these allegations as “wildly flawed”: “According to the WSJ article, ShapeShift negligently or deliberately participated in money laundering, but this is a lie and an absurdity. It indicates the media industry, which cares more for click-sensationalism than improving the financial well-being of humanity.”