Trust Wallet and Mercuryo have come together to empower users to convert more than 30 digital assets into fiat currencies, catering to the need for traditional payment solutions in various regions. Cryptocurrencies offer the capability to store value on decentralized platforms, yet real-world transactions often require fiat gateways for settlements in numerous jurisdictions. The collaboration between Trust Wallet, a major self-custody provider, and Mercuryo, a payment infrastructure company, seeks to streamline the process of converting digital coins into real-world money, commonly referred to as 'off-ramping.' Petr Kozyakov, the CEO and co-founder of Mercuryo, emphasized the importance of providing users with a seamless off-ramping service, highlighting its equivalence to securely storing digital assets.

As per a press release, Trust Wallet users can exchange more than 30 virtual currencies into euros and U.S. dollars through the service, which is accessible in over 135 countries globally.

This joint venture signifies another step by web3 entities to bolster mass adoption and broaden the utility of digital assets, particularly in Europe, where the implementation of the Markets in Crypto Assets Regulation (MiCA) is imminent. Recent expansions by various service providers, including Strike, Tether, Robinhood, and Kraken, into the European market underscore the region's attractiveness for crypto-related ventures. The presence of over 63 institutions offering digital asset rails in Europe positions it as a significant hub for virtual currency banking services. The upcoming regulatory changes, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) stipulations under MiCA, are poised to reshape the crypto landscape in the year ahead.