Since 2019, Trezor—the first open-source hardware wallet pioneering the concept of secure self-custody in crypto—has offered its users a seamless crypto swap experience by integrating Changelly’s exchange API. This long-standing partnership has not only stood firm through cycles of market volatility but also delivered sustained performance growth, increased user engagement, and deepened trust in self-custody.
Across 5+ years of collaboration:
- Average Order Value (AOV) increased by 182%
- Conversion rate rose by 55%
- Changelly’s share of all swap volume inside Trezor Wallet more than doubled, up to 48% in 2025 across 4+ partners
- Monthly swap activity grew by 87.5% from Oct 2023 to Nov 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 reshape how users interact with their assets in hardware wallets. By enabling secure, in-wallet swaps, the partnership removed the need to move funds to external platforms, setting a new user experience standard. Today, seamless swapping inside wallets is no longer a bonus feature—it’s a baseline 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 partnership, showcasing the growth achieved from 2019 to 2025.
AOV Growth: +182% from 2020 to 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 maturing trust in the built-in swap functionality and users’ growing confidence in transacting larger volumes directly within their hardware wallet interface.
This shift illustrates the core value of embedding a reliable, long-term solution: users stay engaged, and their transaction behavior evolves in parallel with product familiarity.
Conversion Rate: +55% from 2019 to 2023
The swap flow inside Trezor has become significantly more efficient. A 55% increase in conversion rate since the beginning of the partnership signals an improvement in both infrastructure and user trust.
Higher conversion means fewer drop-offs, greater intent to transact, and a smoother decision-making process for users operating in a secure, self-custodial 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 Inside Trezor: From 22% to 48%
Between 2022 and 2025, Changelly’s share of all swaps initiated inside the Trezor wallet more than doubled, growing from 22% to 48%. Over the course of the partnership, Changelly has powered 33% of all swap volume within Trezor.
This growth isn’t just about visibility—it’s about satisfaction. Nothing reflects service quality better than user retention and an increasing share. As Trezor users continue choosing Changelly for their swaps, it’s a clear signal of how well the service performs. Backed by 10 years of market experience, Changelly consistently delivers the reliability and efficiency users expect from an in-wallet exchange.
Swap Activity: +87.5% YoY in October 2024
In just one year, the total number of swap orders placed by Trezor users jumped by 87.5%. This growth came during a period of industry-wide recalibration where user engagement was harder to maintain.
The uptick reflects more than market dynamics. It points to user retention, increased comfort with in-wallet swapping, and Trezor’s ability to activate users even in quieter market phases. This proves that when the experience works—and trust is sustained—users come back consistently.
Funnel Completion Rate: +29% in 4 Months
Between November 2024 and March 2025, the rate of confirmed swap transactions rose by 29%, even as the market entered another high-demand period.
“Some of our strongest growth happened in bear markets—not because of hype, but because users trusted the flow. Trust compounds quietly, and over the years, this partnership turned quiet reliability into lasting performance.”
—Zifa Mae, Head of Product at Changelly
Periods of rising activity—often driven by market hype—can stress infrastructure, slow down responses, and reduce transaction success. But during this spike, the Changelly x Trezor swap flow performed better than ever. In today’s market, it’s 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 flow isn’t built for periods of calm—it’s tested when volumes surge. This 29% increase proves that when demand rises, long-term integrations built on trust can deliver without compromise.
Strategic Partnerships Create Strategic Outcomes
More than five years of collaboration between Trezor and Changelly have demonstrated one critical truth: reliable partnerships between industry leaders don’t just survive crypto’s ups and downs—they drive sustainable growth through them.
“We value our collaboration with Changelly and appreciate the opportunity to bring more flexibility and utility to our users. This partnership has shown tangible results over time and continues to support our shared goal of making crypto more secure, accessible, and practical—without compromising on the principles of self-custody and user control.”
—Matěj Žák, CEO at Trezor
Each year, Trezor users have transacted more, converted more efficiently, and relied increasingly on Changelly-powered swaps. And each metric shows that as the integration matured, so did users’ trust and transaction behavior.
This case proves that when a wallet provider chooses the right long-term exchange partner, the result is more than uptime or API support. It’s about fostering loyalty, building trust, and supporting real-world use cases that stand the test of market cycles.
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Key Results & 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-lived promotions. With nearly half of all in-wallet swap volume now powered by Changelly and all core metrics on an upward trajectory, this integration has become a foundational component of the Trezor user experience.
Looking ahead, both companies are positioned to strengthen this partnership further—expanding swap access to new assets and refining the flow to meet evolving user needs. More than 5 years in, this collaboration continues to demonstrate how trust, shared values, and consistency can drive long-term success in a fast-moving industry.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
