Trust the best strategy in crypto bear market — Trust Wallet CEO

Bringing the planetary crypto and blockchain communities unneurotic successful Istanbul, Turkey, the Binance Blockchain Week 2023 was a wide indicator that the Web3 ecosystem continues to turn careless of terms movements. 

Despite being a Binance event, the league housed respective cardinal players from the crypto industry.

Among them was Trust Wallet, a decentralized Web3 wallet supplier acquired by Binance backmost successful 2018. Since its acquisition, Trust Wallet has been wide seen arsenic “the wallet limb of Binance.” This is wherefore the Binance Blockchain Week visitors were caught off-guard erstwhile the crypto speech announced its ain Web3 wallet.

Trust Wallet CEO Eowyn Chen — a erstwhile vice president astatine Binance — clarified that “Binance focuses connected the centralized, portion Trust Wallet works toward the decentralized ecosystem,” adding that Trust Wallet has a neutrality that tin service and spouse with anyone successful the crypto industry.

“We deliberation that keeping that independency and region is the champion mode to support the civilization and the talents moving for its ain mission.”

Trust Wallet was calved successful 2017 during the archetypal coin offering craze owed to the request for an accessible mobile wallet, Chen said. “It was the lone developer-focused hold wallet retired there,” she added. The Web3 wallet focused connected onboarding users and developers to a decentralized blockchain world.

Cointelegraph sat down with Trust Wallet CEO Eowyn Chen during Binance Blockchain Week Istanbul. Source: Cointelegraph

“Recently, we became a sister institution of Binance alternatively than operating nether Binance due to the fact that we tin person a amended playing field,” Chen explained. “We tin inactive spouse with each other, and Binance Web3 Wallet is the effect of a strategical partnership.”

“Scammers supply amended lawsuit support”

Compared to fixing the idiosyncratic experience, solving the information issues crossed Web3 is trickier, according to Chen. Unlike the app-focused idiosyncratic experience, she noted that information vulnerabilities tin hap connected blockchains, decentralized applications, astute contracts oregon adjacent astatine the codification level of a wallet.

Scammers relationship for the lion’s stock of information issues due to the fact that of the societal facet of fraud, successful which societal pressures tin power users to disregard information warnings and their amended judgment.

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Chen said that Trust Wallet’s information squad has observed however scams person go overmuch much blase and has begun to supply a lawsuit enactment acquisition that guides users who person fallen unfortunate to scams.

Preventing scams and fraud is an incredibly hard occupation to solve: “It’s a assemblage issue; it’s a radical contented that requires education. Education takes time, takes effort — no-return effort.” Chen added:

“It takes a assemblage and the full manufacture to fig retired however to amended better people. That’s the hard part. It’s not a exertion issue; it’s an operational problem.”

The smaller standard of caller Web3 startups besides poses a information situation for the industry, Chen stated. “I was talking to a information adept yesterday, and they said that galore of the caller projects take not to bash information audits.” Even if tiny Web3 projects bash information audits, they thin to usage little rigorous providers oregon prime the 1 with the lowest interest to debar delays successful rollout portion redeeming money, according to Chen.

Web3 contention heats up

In a keynote address, Chen said, “Trust is the champion idiosyncratic retention strategy successful the carnivore market.”

User retention is much captious for Web3 owed to the unfastened quality of the ecosystem. “The contention astir apt accrued 10 times due to the fact that determination are nary barriers to leaving a circumstantial merchandise oregon service.”

Users tin simply instrumentality their backstage keys and determination their funds oregon enactment to different service.

However, idiosyncratic retention strategies should not beryllium connected creating a closed ecosystem retired of fearfulness of users leaving. Chen stressed, “We really built spot with the users.”

The firm’s strategy has paid off. Chen said that adjacent successful the carnivore market, Trust Wallet has grown its full downloads by astir 60% for the past 2 years — surpassing 70 cardinal downloads successful total. Its marketplace stock for play progressive wallet users besides doubled from 20% to 40% connected mobile.

“When things basal done time, and the task and the squad are capable to beryllium that they tin grip challenges, they tin grip mistakes, and they marque radical consciousness comfy to instrumentality with.”

Whether the Web3 manufacture is acceptable for the adjacent cardinal users depends connected the hazard appetite and illustration of Web3 companies, according to Chen. “Does Web3 connection capable inferior and usage lawsuit scenarios that radical are consenting to springiness it a try?” she asked rhetorically, “That’s the cardinal question earlier onboarding the adjacent billion.”

Blockchain arsenic a cosmopolitan worth transportation system

When asked what her favourite happening astir Web3 is, Chen said that her attraction to Web3 is rooted successful 2 main factors: the archetypal is blockchain’s imaginable to go the worth transportation strategy for the internet. While the net fulfills the escaped transportation of information, blockchain builds upon that and allows the transportation of values.

Secondly, she believes successful the thought of nonfungible tokens (NFTs), careless of idiosyncratic collections’ marketplace performance. “We shouldn’t beryllium conscionable influenced by the sentiment of the marketplace terms of the NFTs,” she said, adding, “The tokenization of ownership that gives entree to much radical is inactive thing that could beryllium valuable, that we tin fig retired a amended mechanics to realize.”

Chen said that innovation astir NFTs and utilizing blockchain arsenic a worth transportation strategy volition make existent worth for society.