Eowyn Chen, CEO of Trust Wallet, became a notable figure in the crypto industry after being introduced to the blockchain concept in 2014 and joining Binance in 2018. In a recent interview with BeInCrypto, she discussed the challenges faced by the crypto wallet sector, indicating that most wallets are not profitable.
Challenges Faced by Crypto Wallets
Chen emphasized that sustaining a wallet business model is not easy, as many wallets either don’t generate profit or incur losses. “It’s not easy to survive with the wallet business model. Most wallets either lose money or do not earn,” Chen stated.
Vision for Future Wallets: The “Amazon Web3” Concept
Looking ahead, Chen foresees a concept akin to “Amazon Web3,” suggesting that web-based wallets might be replaced by functions integrated into decentralized applications (dApps). “Web-based wallets could disappear in a few years; wallet functionality can be integrated into dApps to offer a smoother experience,” she added.
Chen drew inspiration from J.R.R. Tolkien’s “The Lord of the Rings” for her name, “Eowyn,” which serves as a reminder of leadership and humility for her. She reflects this philosophy in her company culture, advising her team to maintain honesty and a mission-focused approach.
Based in Dubai, Chen also evaluated how the regulatory environment influences her company. “So far, we have not faced any legal issues, but we are more cautious due to experiences gained from Binance,” she noted. Furthermore, she highlighted the current state of the wallet sector, stating that new blockchains no longer attract users, and retaining existing users is more crucial.
