Trust Wallet's Growth and Independence Headline at Binance Blockchain Week 2023
Summary:
The Binance Blockchain Week 2023, held in Istanbul, Turkey, showcased the growth of the Web3 ecosystem. Trust Wallet's CEO, Eowyn Chen, addressed Trust Wallet's recent positioning as a sister company to Binance rather than a subsidiary, detailing a strategic move to work in the decentralized sphere. Highlighting the importance of user retention in the open nature of Web3, Chen noted Trust Wallet's growth in downloads — totalling to 70 million and a doubling of weekly active wallet users on mobile. She emphasized the need for community-driven efforts for security in the new and smaller Web3 startups and stressed the potential of blockchain and nonfungible tokens (NFTs) for the future.
The Binance Blockchain Week 2023, held in Istanbul, Turkey, undeniably demonstrated the persistent expansion of the Web3 domain, independent of fluctuating prices. Although the symposium was hosted by Binance, it also featured many influential names from the world of cryptocurrencies. One such entity was Trust Wallet - a decentralized Web3 wallet service bought by Binance in 2018. Post this acquisition, Trust Wallet was often considered as Binance's wallet division. Thus, the announcement at Binance Blockchain Week of a separate Binance Web3 wallet was unexpected by attendees. Trying to elucidate the set-up, Trust Wallet's CEO Eowyn Chen, who had formerly served as Vice President for Binance, insisted that Binance is centralized while Trust Wallet operates in the decentralized sphere. Further, she emphasized that Trust Wallet is neutral and has the ability to work and collaborate with all entities in the crypto field.
Trust Wallet was originally established in 2017 during the Initial Coin Offering frenzy, as a response to the demand for a mobile-friendly wallet, explains Chen. "It was the sole extension wallet with a developer's bias," she adds, referring to the wallet's focus on encouraging users and creators to transition to a decentralized blockchain-driven world.
"We became associates with Binance instead of functioning under its umbrella, to have a fairer playing field," elaborates Chen. She also highlights the partnership between the two entities that led to the Binance Web3 Wallet.
As far as Web3 security is concerned, Chen avers that challenges are more complex compared to enhancing user experience. The chances for security breaches can occur at various levels including blockchains, decentralized applications, smart contracts, or the coding level of a wallet. Expanding on this she states, “Scammers contribute immensely to these security threats because their fraudulent actions often lead users to overlook security alerts and their better judgment.”
According to Chen, countering such scams and fraudulent activities necessitates education and collaborative efforts from the entire community. She also underscores the fact that the small size of newly launched Web3 startups often tends to compromise the security aspect of the venture.
The CEO mentioned that user retention is pivotal for Web3 businesses due to its open-ended ecosystem as users can freely switch their product or service preference. She underscores the importance of cultivating user trust through their growth and adaptability to challenges. The company's user-centric strategy has indeed paid dividends. Over the past two years, Trust Wallet experienced a growth of about 60% in downloads even during the bearish phase of the market, with a total of 70 million downloads and weekly active wallet users increasing from 20% to 40% in the mobile segment.
Chen believes the readiness of the Web3 industry to onboard the next billion users depends on the risk tolerance of individual Web3 companies. She remarks that blockchain as a system for shifting values across the internet is a significant attraction for her. She also sees potential in nonfungible tokens (NFTs) regardless of current market sentiment, and believes they could facilitate ownership decentralization and make it more accessible, indicating a better mechanism for achieving this is required. Chen concludes by stating that advancements in NFTs and blockchain utilization for value transfer will eventually bring genuine worth to society.
Published At
12/4/2023 1:01:00 PM
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