Trust Wallet CEO Eowyn Chen first came across blockchain concepts in 2014 while working in fintech. He rose through the ranks in the crypto industry, joining Binance in 2018 before taking the helm of Trust Wallet in 2022.
In an exclusive interview with BeInCrypto, Chen shared insights into the challenges facing the crypto wallet industry, noting that most wallets struggle to be profitable. She also revealed her vision for the future of wallets, describing a concept similar to “Amazon Web3” and predicting that web-extension wallets may disappear in favor of built-in functionalities in dApps.
Why did you choose the name “Eowyn”?
It's from The Lord of the Rings, written by J.R.R. Tolkien. He came up with this name that sounds very Irish. With that name, I remember two things.
The first is the Lord of the Rings theme of taking the most powerful ring on a mission, which is to destroy the ring so that no one has a single point of tyranny. Sometimes in the crypto industry there are many temptations, whether it’s fame, money, or power. I’ve seen leaders who got caught up in pride and then fell. I want to remember not to be tempted by the ring.
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The second is that this character in The Lord of the Rings dies. If you want to do something that lasts, you have to forget yourself in the project. The main goal is not to create something that will last forever, but to create something that will last beyond you.
How does this philosophy apply to the company?
I am building my company to survive beyond founders like myself. I also tell my team that I don’t expect Trust Wallet to be the last employer you will have.
They're going to go into the industry and do other interesting and cool things, but I want you guys to have integrity and focus on the mission, and learn from the cultural value and bring it to the industry. That's how we can grow in a more mature and trustworthy way, because there are enough scams out there.
Eowyn Chen, CEO da Trust Wallet, na Korea Blockchain Week. Fonte: Korea Blockchain Week
Where are you based and what is the regulatory environment like?
Currently in Dubai, but previously in the US. There was a concern. Coinbase Wallet faced an SEC case, and so far, fortunately, we haven't had any cases.
We tend to be much more conservative than all of our peers because we learned the lessons from Binance. I was at Binance and I saw how things happen. There are certain borderlines, like how to make money or where to have the business model.
How do you assess the state of the crypto wallet industry?
Most wallets are not making money. The potentially profitable ones are Metamask and maybe Coinbase Wallet. All other wallets are either not making money or are losing money, because wallet as a business model is not easy to survive.
So either they have a “sugar daddy” who has to make sure you give them the money and support.
But chains and cryptos are continually growing, doesn't that help wallets?
Initially, we were an Ethereum-only wallet, but now we support 105 chains and 65 are non-EVMs. But those were the early days when the multi-chain journey happened.
But chains don't bring us new users anymore. There hasn't been a new chain that we've integrated that's been so compelling to users that it's gotten them to start using our product.
Eowyn Chen, CEO da Trust Wallet, Durante a Korea Blockchain Week
Nowadays, we tend to capture existing users in the industry, since new chains no longer drive anything. So, it's more of a retention play for us.
Users do not need to have 50 wallets for 50 chains, but can have a unique solution with us.
Are there any changes or new features you are planning?
One thing we are testing and trying to advance is the integration of smart contracts in EIP-7702, which updates the EOA (Externally Owned Wallet) with some smart contract functionality.
The fundamental role of a wallet is to be simple, easy to use, and have a UX. We believe that smart contracts can enable a better and more intelligent user experience and also that user experiences can better retain users.
What challenges does your business face as a whole?
Scalability is a big challenge, especially as a multi-chain wallet that supports both EVM and non-EVM chains. When you have to provide users with gas-free experiences or chain abstraction experiences, you can’t just rely on EVM standards.
It's very difficult to design from both the product layer and the technical layer to give users this simple and consistent experience.
What is your vision for the future of wallets?
One is to build a B2B service like Wallet-as-a-service. Another is similar to “Amazon Web3”, offering multiple utilities with better user experiences.
Web extension wallets may disappear in a few years, with wallet functionality being incorporated into dApps for a seamless experience.
The article Trust Wallet CEO Predicts the Future of Crypto Wallets appeared first on BeInCrypto.