Trust Wallet, the official mobile wallet of global cryptocurrency exchange Binance, has become the latest wallet to join the Foundation for Interwallet Operability.
The Foundation for Interwallet Operability (FIO) and FIO Protocol, the new inter-wallet operability protocol, removes the risk, complexity, and inconvenience of moving tokens and coins. Trust Wallet joins ShapeShift.io, KeepKey, Coinomi, MyCrypto, BRD.com, Edge and Mycelium, reinforcing the blockchain industry’s growing focus on solving usability issues as a fundamental requirement for cryptocurrency adoption.
By bringing together these well-known players, the FIO Protocol said it will transform the usability of wallets, exchanges and cryptocurrency payment processors with a self-sovereign, decentralised, open-source blockchain protocol that provides an enhanced layer of connectivity and usability features, making cryptocurrency payments on any blockchain as easy as using a mainstream service such as PayPal or Venmo to enable greater adoption.
The FIO Protocol will not only create the first human-readable wallet addresses that immediately work across every token or coin, but will also allow enhanced workflows, including the ability to send a request for payment from one wallet to another where it can be confirmed or declined thereby virtually eliminating errors. It is a blockchain that sits alongside other chains and will ultimately enable a long list of usability capabilities including easing refunds, enabling subscription payment models, secure routing of multi-signature requests and more.
“This year will be the time when interoperability finally enables blockchain and cryptocurrencies to fulfil their promise as a way to exchange value in commerce and utility,” said David Gold, founder and CEO of Dapix, who is behind the FIO protocol.
“We’re delighted to welcome Binance’s Trust Wallet to the Foundation; their experience and expertise will be invaluable to the consortia who believe removing the risk, complexity, and inconvenience of sending and receiving crypto assets, will be the catalyst for them fulfilling their full potential.”
Viktor Radchenko, founder and CEO of Trust Wallet, said: “This is an incredible opportunity for Trust Wallet to help tackle the cross wallet usability issues that are holding back the industry from mainstream adoption. We’re delighted to be aligning with FIO who share a similar vision to us.”