Trezor users can now buy & sell Bitcoin without KYC
Users of the popular hardware wallet Trezor can now buy and sell bitcoin with no identity verification procedures directly from their devices, thanks to a new integration with peer-to-peer trading platform Hodl Hodl.
Hodl Hodl leverages multisig, a type of Bitcoin address that shares the control of funds with different users. More specifically, multisig works by requiring multiple signatures to approve the movement of funds.
In Hodl Hodl’s context, multisig ensures the platform doesn’t need to take custody of users’ funds, enabling a true peer-to-peer transaction between buyers and sellers. The buyer, the seller and the platform each hold one key, and two signatures are needed to move funds. Usually, that means only buyer and seller need to sign the Bitcoin transaction after the BTC is paid for, however, Hodl Hodl’s key can act as an arbiter in the event of a dispute.
“Being able to exchange your Bitcoin within the Trezor Suite application right from your hardware wallet is like finding a missing piece of the puzzle,” Max Kei, CEO of Hodl Hodl, said in a statement. “Being a non-custodial platform implies leaving the secure storage of the funds to our users, which, unfortunately, is not always handled perfectly. We highly encourage everyone to be more aware of how you store your funds and the means you use to exchange those.”
Trezor users buying bitcoin from Hodl Hodl will see their newly-acquired BTC land directly into their hardware wallet. The integration is available through Trezor’s companion application, Trezor Suite, and its exchange comparison tool, Invity.
“When consumers buy bitcoin on an exchange, they expose themselves to a level of risk and forfeit privacy,” said Matěj Žák, chief product officer at Trezor. “Integrating with Hodl Hodl gives our users more choice and control around where they feel comfortable in terms of this value-exchange.”