Thanks to a recent integration with peer-to-peer trading site Hodl Hodl, users of the well-known hardware wallet Trezor may now purchase and sell bitcoin from their devices without having to undergo identification verification procedures.
Hodl Hodl makes use of multisig, a kind of Bitcoin address that distributes control of the money among multiple users. More specifically, multisig relies on several signatures being obtained to authorize the transfer of cash.
Multisig makes sure that Hodl Hodl doesn’t have to keep track of its users’ money, allowing for a true peer-to-peer exchange between buyers and sellers. One key is shared by the buyer, the seller, and the platform, and two signatures are required to transfer money.
Normally, that implies that after the BTC is paid for, just the buyer and seller need to sign the Bitcoin transaction; however, Hodl Hodl’s key can serve as an arbitrator in the event of a dispute.
According to Max Kei, CEO of Hodl Hodl, “being able to exchange your Bitcoin within the Trezor Suite program right from your hardware wallet is like finding a missing piece of the puzzle.” Being a non-custodial platform means entrusting our users with the safekeeping of the cash, which is regrettably not always done perfectly.
We strongly advise everyone to be more aware of how they store their money and the methods they employ to exchange it.
Bitcoin purchased from Hodl Hodl by Trezor users will be delivered immediately to their hardware wallet. The integration is accessible through the Trezor Suite companion program and Invity, its exchange comparison tool.
“According to Matj ák, chief product officer at Trezor, “consumers who acquire bitcoin on an exchange expose themselves to a level of risk and forgo anonymity.” By integrating with Hodl Hodl, we can provide our users greater choice and control over where they feel comfortable exchanging value.”