From Binance co-Founder assistant to Trust Wallet CEO. Crypto for average users. Eowyn Chen

Trust Wallet acts as a bridge that connects to individual blockchains via their nodes. Every blockchain has their own set of public addresses. These addresses are where the Crypto are encrypted and stored.
Trust Wallet does not hold or control any Crypto, it just gives the user access to it.

Trust Wallet is free to download and does not earn anything when you use it. Fees are all paid to the miners or validators.
Trust Wallet helps you manage your addresses, in order to send and receive Crypto. The app also provides the user the ability to do other Crypto transactions, like trading and staking.

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Hello guys so we are now in Dubai at w Summit and here with you Anna toak found of coins Telegram and our guest win Chan who is the CEO of trust wallet one of the biggest and most popular uh hot crypto wallets great to have you here

Thank youa so can you tell us about your background and how did you discover first crypto and how did you get involved in the industry oh yeah so um I’m in winin I got into the crypto space in 2018 but at first heard about crypto when I was working as a u Management

Consultant on Wall Street that was during the time 2014 when the momg hacks happened uh so I was first paying attention to blockchain because of fch that was the area that I was working on um and I think then I got to learn about crypto in 2017 of course it’s because of

The Ico rage at that time I was in San Francisco go and half of the guys in the city are talking about some sort of shitcoin um and I’m more of a contrarian so at that time I feel a little bit skeptical I be like is this more of a

Bubble or there’s something true to it so when 2018 when the market actually crashed uh I thought now it’s an interesting time to look into if there’s something real and substantial to it uh so I have a couple of friends that I truly admire there are great Builders

And developers in the space and there were still very hardcore building stuff um and I happen happened to be luckily got in touch with the co-founder of binance at that time and she was the one that helped to pain the value of blockchain to be the value transfer

Layer for the internet very Vis to me so I thought hey the friends that admiring the space and I see the vision of this space so um then I decided to join the crypto industry at the very deep of the bare Market in the last cycle uh so you

First joined binance can you tell more about your activities there and how uh how did you survive bare Market at the time and what challenges did you see yeah um I have a very humble starting point I started just by being the co-founder’s assistant uh so I do

Everything and whatever I see I add value to the co-founder I do uh so then as the businesses grow uh especially doing the bare Market I think last cycle with binance it was a lot of fundamental business features that has been launched so then in order to help her and

Organization job easier so I just take on more and more responsibilities until 2021 when I left the position at the binance I was leading the central marketing team globally at binance to be the VP um but at that time I started to get a little bit bored with my job

Because you know the reason why I join the industry is because of the technology and then a lot of the new Creative Solutions that you can bring to the world because of the technology and uh as um grow then he needs to get in touch with more bigger wider retail user

Base I find my counterparty and partners that I talk to more are no longer uh at the Forefront of the industry but much more mainstream Brands you know the kind of a Partnerships cool sports team you know they’re still cool but they’re not the reason why I join the industry so

Then I got in touch with trust wallet founder and uh again he says that hey I just need someone else to take care of everything for me um and I thought yeah this is a great product it’s very easy to use and how can we make it to more

Users to get directly to the decentralized space um and nothing better is at a wallet platform that gets to work with almost everyone in the industry so that’s where I am now so did you lead the acquirement of trust wallet by binance no I didn’t at that time

Interesting I joined around the time when trust wallet was acquired so that’s where I get in touch with the founder uh Victor and we became friends since then uh it’s a little bit fun when you’re talking about acquisition it’s essentially a handshake deal one year- old binance acquire one year old trust

Wallet and then that that just happened yeah yeah that’s quite interesting Journey from being assistant of the CE of binance to being the CEO of another company yourself yeah and some learnings that I took from it is that you know I I I was a GM for another tech company um

Before that so I was like there’s no job above me there’s no job below me if I see that this is a great opportunity for me to learn add value then I took a payot to join binance to do so so and I think history proves that just don’t

Care too much about you know whether this is a prestigious job high-paying job but trying to um add value and learn on the job then ultimately you will become a good asset accumulation in terms of personal uh experiences and uh um and also impact in the long term and

Did you start investing back then in crypto in or like did you just start working and then started investing later I didn’t have time to invest so I basically work um but did you get your salary in crypto oh no uh I got my bonuses in crypto yes

So that that helps me quite significantly um but not to the extent that I can hold the crypto that’s a very important lesson that I learned is that sometimes you I need to watch for my own psychology if I do believe is something in the long term then sometimes don’t

Get bothered with the fluctuation with the market and then believing the and IR rationale why I think this is worth holding than just hold and in what do you see the value of Bitcoin of the crypto I think bitcoin’s value proposition is super clear at the moment

Right it’s just the alternatives to Gold uh with a much better uh feature-wise in terms of storage uh kind of uh liquidity and all those stuffs um and in terms of other cryptal I think each one of them provide a different value proposition like ethereum is supposed to be kind of

The development layer uh well right now even though Bitcoin is trying the com some some parts of Bitcoin Community wants to do something similar like ethereum to bitcoin but we’ll see how that Community adapts to it um ultimately I think every crypto needs to figure out what is the role that they

Try to play in the whole user Journey sometimes certain cryptos doesn’t necessarily have the investment value but they have a lot of Engagement value uh and it’s great and play that very well and some of the cryptos are more of a security nature then okay then accept

That this is a security nature and do that part well so I think it’s very hard to describe that hey crypto has one value it really depends on what their purpos is trying to do and then uh do you use it for the purposes that you

Intend to and from soci sidey of trust volet we see now there are like quite a lot of different uh other wallet Solutions and like probably the the most known is metamask so how do you compete with them and what what advantages do you have and how how do you try to get

Your share of the market yes um competition is an interesting thing uh metamask is way earlier than we do so they come along along with the ethereum and why I said competition is the interesting thing is that because we’re not necessarily the same product or serve the same user group so metamask

Came from a developer serving Community background so they did developer uh stuff very well and the whole product that they design is also coming with that genetics about serving Developers regions and we trust wallet were first born because doing the Ico phrase there were no easy Mobile Wallet to use that

Holds all the tokens together so you was born out of this angle is about how to serve the normal users to have better access to crypto so it was more of a retail focuses to to begin with um so for us that’s the genetics when we’re thinking about making decisions on

Product on services and same with metamask that they have their priorities in the genetics and principal in making decisions I think ultimately with so many other wallets coming out the fun thing is interesting thing is I don’t see much market share change for us we’re actually growing market share for

The past two years uh as I’ve being in trust wallet so I also was sometimes purpus to it is that hey are people not dazzled by the new wallets that have been coming out all the time um and when I talked to quite a lot number of the

Users they told us that you know even though this is a trustless uh ecosystem but the users still have a very high like switching cost especially when it comes on to wallet because how do they trust if the water is secure enough um or is trustworthy enough and there’s

Also a lot of familiar user Habit to it so we find that there are incredible amount of um stickiness in retention with our existing users that just end up staying with us uh so I don’t worry too much about the competition in terms of you know taking taking market share and

In fact I find a lot of the good competition is a good thing because it means that more people are building this product that can run more experiments at the same time you know we still have a lot of uiu Gap to go in the industry and the more that we see experiments

Happening out it means that we don’t have to spend our own development resources but we can see what are some good practices and experiments going around and we can learn very quickly as well so that helps the whole industry to pushes faster so I generally consider that you know competition more wallets

Coming up is a good thing for us um and also the space is growing to a speed that not it’s not going to be any provider takes the all shares it’s good that there are more wallets focus on a specific Niche group of users that they’re serving and do that very well um

And uh that’s how my take is in terms of competition and The Surge of the water providers in the space and with trust wallet you have as well another open- source Product Trust wallet core open for developers to build on your infrastructure so can you tell more

About this product yes so trust water used to be fully open source um and then later on we realize that the product year when it’s open source we get so many scams that just uh get a fake trust wallet and then scan people’s money so we make the product layer close Source

But the infrastructure layer especially where the key signing uh authorization part open source so one part is so that it keeps the transparency and security um for the most important part of the wets to be verifiable by the community and the second is that we believe that

Most of the wets and blockchains that contributes to wallet core can allow multi-chain World grow faster so uh wallet core essentially is the mobile wallet for multi-chain integration um and right now I know that besides us there were many other wallets mobile wallets has been built on wallet core like crypto.com wallet Frontier

Blockchain.com wallet they all um build on top of the W core and okx W is also using our web three providers uh so we’re also very happy that it contributes to the whole ecosystem to grow together and allow faster multi-chain integration because of this infrastructure um and besides water core

We’re also ring out some of the important tools such as we have a new security tool called wizer which is transaction simulation we know that some of the projects are providing a pay services for different deps different wallets but we actually developed this

To to be open source and we put a EIP to it because I believe that the more dabs and the more wallets get to expose the scams earlier on and the Run projects earlier on it makes the whole space cleaner and then it’s better for

Everyone so we we hope that any of the good security tools and standards can be adopted by more players in the industry will be better in the long term for everyone and what is your process of Integrations of new blockchains like what are your requirements and how can

Any blockchain come to you and cooperate with you yeah uh this is a paino for us usually it’s like different blockchain try to reach out to our BD team and talking through the whole integration process sometimes it’s opport it’s just our developers figure out a new chain

And think that this is a great technical solution and we just integrated it um but going forward I actually wanted to involve Community more especially on deciding because ultimately it’s the community and the users that wants to be on the chain that we wants to support so

We might come up this is in kind of imp planning process so that we might happen to have a process allow people uh twt holders and Community to vote uh in order to say hey one month we have this quota about evm about Cosmos chains about any other non evm chain and then

Any projects that are interesting in to be integrated and then if the users have demands for them then you will be shown in the in the voting process then we will integrate them as a result and uh you’ve been now through like two cycles you started in the bare market and uh

You’ve been the you started being the SEO of trust wallet during the almost peak of the blue market so how do you see the change in the user metrix are they still growing or are they lower now interesting enough we do we do see grow so right now we have about 70 million

Global total downloads and more than 60% of them happening in the past 2 years um so it’s still kind of a growing in a silent manner the interesting thing is that the growth doesn’t necessarily happens to see in the more vocal places let’s say United States or somewhere

Else it happens in the very quied places That You Don’t See Much on Twitter or x.com nowadays so we find that some of the fundamental values about crypto is still accepted by uh people around the world especially like with stable coin with Fiat uh inflation hedging uh remittance and needs to send money

Across the borders so those are still very widely used uh utilities even though they are not very sexy defi stuff but they are the fundamental value driven to the society that have been used by our users and as well what differences do you see in different regions and in both

In terms of regulations and crypto adoption you just moved from the yes to the UAE so can you tell about the differences in these countries and as well in other regions too yeah uh I’m still new to the space so like like like to the UAE so I’m also with open mind

Trying to learn more um I think at least when I was on the US side there are a lot more uncertainty and fear going around with the crypto driven companies or decentralized companies over there for me and for our company is that we’re at the stage that we still want to see

What are the other diversity and options out there uh and right now UAE is one of the most open regions and most advanced in terms of regulations as far as we heard uh so we wanted to be here and also see if we we can learn something

Regarding to the futures of how the playing field has been uh is going to be set globally um and we saw that this might be one of the Forefront of the um of the global view that we can see and we wanted to also contribute to if the

Space has a growing needs for uh level field uh staging uh from the regulatory or compliance or education side and in your opinion what do we need for the crypto my adoption uh I think ultimately it’s a value utility u many of the people are

Say uiux is one of the key gaps which I think is for us a key role in a mission to adopt but if crypto and blockchain are providing real value to society no matter how painful it is users will jump the hoop I think when users don’t come

In is when they don’t see enough utilities that that’s meaningful to their lives so I think the key is to about calling for entrepreneurs and builders in the space is what are the real problems that we’re solving that’s 10x better than the existing world out there and U once we can deliver that

Value then we can get Mass adoption