Insights from TrustWallet CEO on Crypto Wallet Challenges

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TrustWallet’s Base and Strategic Insights

In a recent conversation with BeInCrypto, TrustWallet CEO Eowyn Chen shed light on the hurdles that cryptocurrency wallets frequently encounter. During the interview, Chen revealed that TrustWallet has currently set up its base in Dubai. She pointed out that their team had to draw on the experiences of Binance, which often grapples with regulatory issues across various jurisdictions.

Profitability Challenges for Crypto Wallets

Chen observed that most cryptocurrency wallets struggle to be profitable. At present, only a few like Metamask and Coinbase Wallet show potential profitability. This is largely because operating in this sector is challenging, especially given the intense competition. Initially, TrustWallet’s focus was solely on the Ethereum network. However, the software now supports over 100 different chains.

Future Developments and Challenges

Looking ahead, the integration of smart contracts, such as EIP-7702, is on the horizon. Chen identified scalability as a significant challenge, particularly for wallets supporting multiple blockchains. “Providing users with a seamless experience requires more than just sticking to familiar standards,” Chen emphasized.

The Future of Crypto Wallets

Discussing the future of crypto wallets, she predicted their growing importance in the B2B ecosystem. She cited the Amazon Web 3 service, which offers numerous utilities to enhance user experience, as an example. Chen also hinted at a possible shift away from web extensions for wallets. Instead, their functionalities might be integrated directly into decentralized applications for a more streamlined user experience. Currently, TrustWallet stands out as one of the leading mobile wallets.