Trust Wallet onboards Mercuryo for crypto-fiat swaps

Trust Wallet and Mercuryo have partnered to power crypto exits for over 30 digital assets.

While cryptocurrencies allow participants to store value in virtual assets built on decentralized networks, many real-world payments still require fiat means of payment in many countries and jurisdictions.

Giant personal storage provider Trust Wallet and payment infrastructure company Mercuryo have teamed up to enable users to convert their digital money into real-world money; This process is called “off-ramping”. Commenting on the collaboration, Mercuryo co-founder and CEO Petr Kozyakov said that “having access to a seamless off-ramp service” is as important as storing digital assets securely.

According to the press release, Trust Wallet users can convert more than 30 virtual currencies into euros and US dollars through the service offered in more than 135 countries around the world.

The joint venture marks another effort by web3 companies to drive mass adoption and increase digital asset use cases, particularly across Europe, with the impending introduction of the bloc’s landmark Crypto-Asset Markets Regulation (MiCA).

Other service providers such as Strike, Tether, Robinhood and Kraken have expanded their services to Europe in recent months. As Crypto.news reported, the region is also a hotspot for virtual currency banking services, with more than 63 institutions offering digital asset rails.