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Trust Wallet CEO Predicts ‘Amazon Web3’ Future for Crypto Wallets

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Eowyn Chen, CEO of Trust Wallet, who first encountered blockchain concepts in 2014 while working in fintech, has risen to prominence in the crypto industry, joining Binance in 2018 before taking the helm at Trust Wallet in 2022.

In a recent exclusive interview with BeInCryto, Chen shared insights into the challenges facing the crypto wallet industry, noting that most wallets struggle to be profitable. She also revealed her vision for the future of wallets, describing a concept akin to “Amazon Web3,” and predicting that web extension wallets may disappear in favor of dApp-embedded functionality.

For the first time, Chen explained the meaning behind her chosen name, Eowyn, inspired by J.R.R. Tolkien’s “Lord of the Rings.” She shared that this name serves as a personal reminder to avoid industry temptations and to prioritize the project’s success over personal gain, principles that guide both her leadership and Trust Wallet’s culture.

Q: Why did you choose the name “Eowyn”?

It’s from the Lord of the Rings written by J.R.R. Tolkien.  He made up this name which sounds very Irish. 

With this name, I remind myself two things.  The first is the theme of Lord of the Rings, to carry the most powerful ring to the mission, which is to destroy the ring so that no one has a single point of tyranny. Sometimes crypto industry has lots of temptations, no matter if that’s the fame, the money, or the power.  I have seen leaders that got into pride and then just fall.  I want to remind myself not to get tempted by the ring.  The second is this character in the Lord of the Rings dies. Anyone who wants to do long-lasting things needs to forget about herself or himself in the project.  The key goal is not to create for staying in the position forever but to create something that stays beyond you.

Q. How does this philosophy apply to the company? 

I’m building my company to survive beyond the founders like me. I tell my team, too, that I don’t expect Truss Walet to be the last employer you’re having. They will go into the industry to do other interesting, cool stuff, but I want you to have integrity and a mission focus, and to learn from the cultural value and bring to the industry. That’s how we can grow more mature and trustworthy because there are enough scams out there.

Eowyn Chen, CEO of Trust Wallet, participated in a panel discussion at Korea Blockchain Week. Source: Korea Blockchain Week

Q: Where are you based, and how is the regulatory environment treating you?

Right now in Dubai, but previously in the U.S.  There was a concern.  Coinbase Wallet got the SEC case, and so far, luckily, we haven’t got any cases.  We tend to be way more conservative than all our peers because we learned the lessons from Binance.  I was Binance and saw how things go down.  There are certain boundary lines such as how to make money or where to have the business model.

Q: How do you see the future landscape of the crypto wallet industry?

Most of the wallets don’t make money. The potentially profitable ones are Metamask and maybe Coinbase Wallet.  All the other wallets are not making money or losing money, because wallet as a business model is not easy to survive.  So either they have a sugar daddy that they have to make sure that you give them the money and support them.

Read more: 16 Best Web3 Wallets In 2024

Q: But chains and cryptos increase continuously, doesn’t it help the wallet business?

Initially, we were an Ethereum-only wallet, but now we support 105 chains and 65 are non-EVMs. But it was the early days when the multi-chain journey happened.  But the chains don’t bring us new users anymore.  There haven’t been any new chains that we integrated that were such a great attraction to users and made them start to use our product.

Nowadays, we tend to capture the users already existing in the industry, since the new chains no longer drive anything.  So, it’s more of a retention play for us. The users don’t have to have 50 wallets for 50 chains but they can have a one-stop shop with us. 

During Korea Blockchain Week, Eowyn Chen, CEO of Trust Wallet, sat with BeInCrypto for an exclusive interview.

Q: Are there any upcoming changes or new features you are planning?

One thing that we have been testing and are trying to make more moves on is the smart contract integration in EIP-7702, which upgrades the EOA(Externally Owned Wallet) with some smart contract features. The fundamental role for a wallet to play is simple, easy-to-use, UX, and we believe that smart contracts can allow a better, smarter user experience and also, that user experiences can retain users better.

Q: What challenges does your business face as a whole?

Scalability is a major challenge, especially being a multi-chain wallet supporting both EVM and non-EVM chains. When you have to provide users with gasless experiences or chain abstractions experiences, you cannot just depend on EVM’s standards.  It’s very difficult to design both from the product layer and from the technical layer to give users that simple, consistent experience.

Q: What’s your vision for the future of wallets? 

One is to build a B2B service like Wallet-as-a-service. Another is like “Amazon Web3,” offering various utilities with better user experiences. Web extension wallets may disappear in a few years, with wallet functionality becoming embedded in dApps for a seamless experience.

Disclaimer

In compliance with the Trust Project guidelines, this opinion article presents the author’s perspective and may not necessarily reflect the views of BeInCrypto. BeInCrypto remains committed to transparent reporting and upholding the highest standards of journalism. Readers are advised to verify information independently and consult with a professional before making decisions based on this content.  Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Ethereum whales get active as ETH retraces gains, buying the dip and this presale token under $0.08

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Large holders in the Ethereum (ETH) community, Whales, are silently acquiring ETH while it gives back its recent gains. Amid this, a fresh presale token valued at less than $0.08, Rexas Finance (RXS), is drawing interest from investors. Targeting the huge real-world asset market, Rexas Finance is creating waves with special characteristics.

Rexas Finance: Targeting the Real-World Asset Market

Rexas Finance is targeting a relatively untapped market in cryptocurrency: real-world asset (RWA) tokenization. Using the blockchain, this creative platform lets users invest in commodities, gold, and real estate, among other things. With just one click, investors can own a fraction of a high-value asset, such as a piece of real estate, anywhere in the world.

The Rexas Finance presale is gathering pace right now. Over 72 hours, it raised around $450,000 during its first stage. This success suggests growing investor faith in its goal. Now in its second phase, the presale has already gathered over $811,208 with the RXS token valued at $0.04, which many analysts are arguing could prove to be a steal.

Rexas Finance offers its customers several features. By locking down their RXS tokens, investors can generate passive income using staking and yield farming. The Launchpad on the platform provides funds for creative ideas, therefore enabling startups to gain traction. 

The Rexas QuickMint Bot also simplifies token creation by letting users mint fresh tokens straight via Discord and Telegram messaging systems. This opens token development to a larger audience, therefore promoting diversity in the crypto scene.

The Rexas ecosystem transcends tokenization. Its AI Shield guarantees better security for smart contracts, ensuring the dependability and safety of transactions. Using several blockchain networks, the platform also incorporates a Multi-Chain Yield Optimizer through Rexas Treasury, therefore maximizing profits for investors. 

Rexas Finance aims to close the gap between the blockchain world and tangible assets by using developing technologies such as blockchain, artificial intelligence, and DeFi. Given that a number of experts estimate a 7,800% increase in the next bull run, Rexas Finance could prove itself to be a good option for both novice and seasoned crypto investors.

Whales Are Accumulating ETH Amid Market Shifts

The largest holders of Ethereum, sometimes referred to as whales, have been progressively adding more ETH, particularly during dips. Data from on-chain monitoring firm IntoTheBlock indicates that these whales currently hold around 43% of Ethereum’s active supply. Their accumulation has been continuous since 2019; it quickened in early 2023, particularly following Ethereum’s Shanghai upgrade, which allowed the staked Ether to be withdrawn.

The current whale activity points to calculated market movement. Whales are buying the dip as Ethereum pulls back some of its past increases this year. With a 1.4% rise against Bitcoin’s 33.6% rise in 2024, Ethereum has notably lagged behind. Still, the steady whale accumulation points to long-term Ethereum potential optimism.

Cryptocurrency analyst Benjamin Cowen noted that Ethereum’s monthly candles have been reflecting its 2016 performance. Should this trend persist, Ethereum may climb by 2025. Still, it’s important to keep in mind that the crypto market is volatile, and past performance might not ensure present outcomes.

The RXS Token Presale 

Rexas Finance’s token distribution is meant to help the community and propel the expansion of the ecology. There are one billion RXS coins. 42.5% of these tokens are made available in the presale, giving early adopters lots of possibilities. Staking rewards, liquidity, marketing, and team incentives account for the rest, thereby maintaining a sustainable and balanced environment.

How to Participate in the Rexas Finance Presale

  1. Go to the official Rexas Finance website to get comprehensive knowledge regarding the presale and token.
  2. Click the “Join Presale” or comparable button to link your crypto wallet—such as MetaMask or Trust Wallet—to the platform.
  3. Choose the investment amount you wish to make. In Stage 2, the price of each RXS token is $0.04.
  4. Check the specifics and verify the transaction in your wallet. Then, make sure you have enough ETH or another supported Bitcoin for the gas expenses.
  5. Your RXS Tokens will be delivered to your wallet once the transaction is verified.

Participating in the Rexas Finance presale helps you join a creative platform with great future expansion potential. Are you all set to engage in the Rexas Finance ecosystem?

Conclusion 

As the market fluctuates, Ethereum whales are deliberately gathering to show their belief in ETH’s long-term viability. Rexas Finance, meanwhile, gains momentum in its presale phases by providing a unique investment opportunity through real-world asset tokenization. Joining early offers investors the opportunity to access the current low prices, and holds out the possibility of huge returns for early investors after the RXS token is launched.

For more information about Rexas Finance (RXS) visit the links below:

Website: https://rexas.com

Whitepaper: https://rexas.com/rexas-whitepaper.pdf

Twitter/X: https://x.com/rexasfinance

Telegram: https://t.me/rexasfinance



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Can Binance Coin (BNB) Price Break $600

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Binance Coin (BNB) holders have waited several months for the altcoin to reclaim the $600 price mark. The increased demand it currently enjoys suggests that this milestone could be achieved sooner rather than later.

However, sentiment among its futures traders has turned bearish as they begin to bet against a sustained price rally. 

Binance Coin Sees Higher Demand for Short Positions

Binance Coin’s price has risen by 3% in the past 24 hours, reflecting the broader market upswing following the US Federal Reserve’s first interest rate cut since March 2020.

Demand for BNB has surged since the beginning of the month, with its price now at $557.11, marking a 14% increase over the last 13 days. However, futures traders remain skeptical about the rally’s longevity, as many continue to favor short positions.

According to Santiment, BNB’s funding rate — used to keep futures contracts aligned with the spot price — has been negative for the past three days, currently sitting at -0.001%.

Read more: How To Trade Crypto on Binance Futures: Everything You Need To Know

bnb funding rate
BNB Funding Rate. Source: Santiment

A negative funding rate indicates short-term pessimism, with more traders betting on a price decline than on a rally. However, BNB’s price has risen in the face of these bearish bets, leading to the liquidation of many short positions.

Short liquidations occur when traders betting on a price drop are forced to buy back the asset at a higher price to cover their losses, as the price moves against their expectations. When BNB’s price surged beyond a certain level, traders with short positions were compelled to exit to minimize losses.

Since September 16, BNB short liquidations have totaled $1.3 million, according to Coinglass.

bnb total liquidations
BNB Total Liquidations. Source: Coinglass

BNB Price Prediction: Altcoin Is Poised for More

BNB’s moving average convergence/divergence (MACD) indicator suggests the potential for continued upward momentum. The MACD line (blue) currently sits above both the signal line (orange) and the zero line, indicating strong bullish sentiment and the likelihood of a sustained uptrend.

If buying pressure continues, BNB could rally toward the $592.30 resistance level. A break above this level would set the coin on track to target $637.80.

Read more: Binance Coin (BNB) Price Prediction 2024/2025/2030

bnb price prediction
BNB Price Analysis. Source: TradingView

However, if profit-taking begins, the bullish outlook could be reversed, with BNB’s price possibly dropping to find support at $466.60

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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This Is How Whale Activity Can Cause XRP to Rally 30%

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XRP price has been trading within an ascending triangle pattern, a technical setup that suggests a significant breakout is on the horizon. This pattern could send the altcoin’s price up by as much as 28.9%. 

Key market players, known as whales, have been fueling this potential surge by accumulating large amounts of XRP, signaling confidence in an upward price movement.

XRP Whales Contribute Considerably

Whale activity has surged in recent days, with large holders significantly increasing their positions. Specifically, addresses holding between 10 million and 100 million XRP tokens have collectively purchased 200 million XRP, valued at over $116 million. This accumulation points to a rising belief in the asset’s bullish potential.

The increased whale activity is an indicator of market confidence, as such holders typically buy when they anticipate a price rally. Their recent purchases suggest that the coming weeks could see XRP break out of its current pattern, giving momentum to the cryptocurrency and offering investors notable gains.

Read more: XRP ETF Explained: What It Is and How It Works

XRP Whale Holdings.
XRP Whale Holdings. Source: Santiment

Analyzing XRP’s macro momentum, the MVRV (Market Value to Realized Value) Long/Short Difference reveals an interesting shift. This metric helps gauge investor profit-taking conditions.

Negative values often mean that short-term holders are profiting, while positive values indicate long-term investors are in the green. The latter is the case with XRP.

However, at present, the profits for long-term holders are not substantial. As a result, these investors are unlikely to sell soon, waiting instead for larger returns. This holding pattern supports the potential for a bullish breakout in the near future.

XRP Long/Short Difference.
XRP Long/Short Difference. Source: Santiment

XRP Price Prediction: Profits Ahead

XRP is moving within an ascending triangle, a bullish formation that forecasts a 28.9% rise upon a successful breakout. If this occurs, XRP’s price could surge to $0.76, offering strong returns for investors.

For the breakout to materialize, XRP must first surpass the resistance at $0.64 and establish it as a new support level. While whale activity suggests this is achievable, maintaining momentum above this threshold remains a challenge.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

XRP Price Analysis.
XRP Price Analysis. Source: TradingView

Should XRP fail to breach the $0.64 barrier, it may continue consolidating between $0.56 and $0.64, delaying a price rally and dampening investor expectations.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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