Trezor, a crypto hardware wallet company, has collaborated with Bitcoin privacy firm zkSNACKs to introduce "CoinJoin" to its Model T device, enhancing privacy for Bitcoin transactions.
CoinJoin combines multiple bitcoin transactions to obfuscate their history and ownership, increasing privacy for users. The feature will be rolled out to Trezor's Model One devices in the future. Trezor's Model T is the first and only hardware wallet to enable CoinJoin transactions for Bitcoin, with several software or "hot" wallets already offering the feature. The coordination fee for the CoinJoin service is 0.3% of the coinjoined amount.
Most transactions on the Bitcoin blockchain are publicly available. A basic tool like a block explorer – a piece of software for analyzing cryptocurrency transactions – is all it takes to tie those transactions to real life identities and violate users’ financial privacy.