Since 2019, Trezor – the first open-source hardware wallet to pioneer the concept of secure self-custody in crypto – has been offering its users a seamless crypto swap experience by integrating Changelly’s exchange API. This long-standing partnership has not only endured through cycles of market volatility, but also delivered sustainable performance growth, increased user engagement, and greater confidence in self-control.
During more than 5 years of cooperation:
- Average order value (AOV) increased by 182%
- Conversion rate passed by 55%
- Changelly’s share of all swap volume in Trezor Wallet more than doubled, to 48% in 2025 with more than four partners
- Monthly exchange activity continued to grow 87.5% from October 2023 to November 2024
- Transaction funnel efficiency improved by 29% in just 4 months
This collaboration demonstrates the long-term value of strategic partnerships in the crypto industry. The alliance between Trezor and Changelly goes beyond technical integration: it has helped change the way users interact with their assets in hardware wallets. By enabling secure, in-wallet swaps, the partnership eliminated the need to move funds to third-party platforms, setting a new standard for user experience. Today, seamless switching within wallets is no longer a bonus feature; it is a basic expectation for crypto users who prioritize convenience and control.
This case study was first published in Finance Magnates’ report on Trezor and Changelly’s long-term API partnershipshowing the growth achieved between 2019 and 2025.
AOV growth: +182% between 2020 and 2024
Over the years, Trezor users have increasingly placed higher value swap orders. The 182% growth in average order value (AOV) is a sign of growing confidence in the built-in swap functionality and users’ growing confidence in handling larger volumes directly within their hardware wallet interface.
This shift illustrates the core value of embedding a reliable solution for the long term: users stay engaged and their transaction behavior evolves in parallel with product awareness.
Conversion rate: +55% from 2019 to 2023
The swap flow within Trezor has become considerably more efficient. A 55% increase in conversion rate Since the beginning of the partnership, there has been an improvement in both infrastructure and user confidence.
Higher conversion means fewer drop-offs, greater intent to transact, and a smoother decision-making process for users operating in a secure, self-determining environment. It also proves that consistent UX and rate optimization pays off over time, something only a long-term partner can deliver.
Changelly’s share in Trezor: from 22% to 48%
Between 2022 and 2025, Changelly’s share of all swaps initiated in the Trezor wallet more than doubledgrows out 22% to 48%. During the course of the collaboration, Changelly has provided an enormous boost 33% of all swap volume within Trezor.
This growth is not just about visibility, but about satisfaction. Nothing reflects service quality better than user retention and increasing market share. As Trezor users continue to choose Changelly for their swaps, this is a clear signal of how well the service is performing. Supported by 10 years of market experienceChangelly consistently delivers the reliability and efficiency users expect from an in-wallet exchange.
Swap activity: +87.5% y/y in October 2024
In just one year, the total number of swap orders placed by Trezor users has increased 87.5%. This growth came during a period of industry-wide recalibration, when user engagement was harder to maintain.
The upturn reflects more than just market dynamics. It points to user retention, greater comfort with in-wallet swapping, and Trezor’s ability to activate users even in calmer market phases. This proves that when the experience works – and trust is maintained – users consistently come back.
Funnel completion rate: +29% in 4 months
Between November 2024 and March 2025 the number of confirmed swap transactions increased by 29%even as the market entered another period of high demand.
“Some of our strongest growth has occurred in bear markets – not because of hype, but because users trusted the flow. Trust grows quietly, and over the years this partnership has turned quiet reliability into lasting performance.”
—Zifa Mae, head of product at Changelly
Periods of increased activity – often driven by market hype – can strain infrastructure, slow responses and reduce transaction success. But during this peak, the Changelly x Trezor swap flow performed better than ever. In today’s market, it is not enough to attract swap intent; users expect smooth, end-to-end execution.
This is the result of a stable backend, refined pricing logic, and a consistent user experience developed over time. A reliable power isn’t built for periods of calm; it is put to the test when volumes rise. This 29% increase proves that when demand increases, long-term integrations based on trust without compromise can deliver results.
Strategic partnerships create strategic results
More than five years of collaboration between Trezor and Changelly have demonstrated one crucial truth: trusted partnerships between industry leaders not only survive the ups and downs of cryptocurrency, but also drive sustainable growth.
“We value our partnership with Changelly and appreciate the opportunity to provide our users with greater flexibility and usability. This partnership has delivered tangible results over time and continues to support our shared goal of making crypto more secure, accessible and practical, without sacrificing the principles of self-governance and user control.”
—Matěj Žák, CEO of Trezor
Every year, Trezor users have executed more trades, converted more efficiently, and increasingly relied on Changelly-powered swaps. And every metric shows that as integration matured, so did user trust and transaction behavior.
This case proves that when a wallet provider chooses the right long-term exchange partner, the payoff is more than just uptime or API support. It’s about fostering loyalty, building trust and supporting best practices that stand the test of market cycles.
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Key results and future plans
The partnership between Trezor and Changelly stands as a benchmark for embedded fintech collaboration, proving that long-term alignment creates more value than short-term promotions. Of almost half of all the in-wallet swap volume now powered by Changelly and all the core metrics trending upward, this integration has become a fundamental part of the Trezor user experience.
Looking ahead, both companies are positioned to further strengthen this partnership, expanding swap access to new assets and refining the flow to meet evolving user needs. More than five years later, this partnership continues to demonstrate how trust, shared values and consistency can drive long-term success in a rapidly evolving industry.
Disclaimer: Please note that the content of this article is not financial or investment advice. The information contained in this article is solely the opinion of the author and should not be considered as trading or investment recommendations. We make no guarantees about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional random movements. Any investor, trader or regular crypto user should research multiple points of view and be familiar with all local regulations before making an investment.