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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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Hill Rejects Interest-Bearing Stablecoins Despite Armstrong’s Wish

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Representative French Hill, who Chairs the House Committee on Financial Services, rejected requests to approve interest-bearing stablecoins. Coinbase CEO Brian Armstrong made a public appeal in support of this yesterday.

Hill has been a vocal supporter of new stablecoin regulations, and the crypto industry counted his Committee appointment as a victory.

French Hill Rejects Interest-Bearing Stablecoins

If there’s one topic that’s a top priority for US crypto policy, it’d be stablecoin regulations. Significant momentum is building behind pro-industry regulations, and President Trump claimed that stablecoins will play a role in dollar dominance. However, Representative French Hill pushed back on one request, saying he opposes interest-bearing stablecoins:

“I hear the point of view, but I don’t think that there’s consensus among the parties or the Houses [of Congress] on having a dollar-backed payment stablecoin pay interest to the holder of that stablecoin,” Hill told reporters earlier today.

Although Hill portrayed this position on stablecoins as a common-sense viewpoint, it represents a limit to the crypto industry’s political influence. When Hill was chosen to head the House Committee on Financial Services, crypto took it as a big win. Further, he’s been a visible presence in the fight for stablecoin regulation. So, what’s the problem?

Essentially, Coinbase CEO Brian Armstrong made an appeal to Hill and other legislators regarding interest-bearing stablecoins. Just yesterday, Armstrong called this policy a “win-win” and a huge opportunity to help consumers and the economy.

“US stablecoin legislation should allow consumers to earn interest on stablecoins. The government shouldn’t put it’s thumb on the scale to benefit one industry over another. Banks and crypto companies alike should both be allowed to, and incentivized to, share interest with consumers. This is consistent with a free market approach,” Armstrong claimed.

Since Armstrong made this public appeal yesterday, it’s remarkable that Hill rejected his vision of stablecoins so quickly. Ostensibly, Armstrong’s political influence has been on the rise, as he played a prominent role in Trump’s Crypto Summit, and the SEC dropped its suit against Coinbase.

It’s an important fact for the US crypto industry to learn: no matter how quickly its influence is growing, it’s still very new to most people. Earlier this year, a string of state-level Bitcoin Reserve proposals failed in Republican-controlled states. President Trump may support crypto, but his supporters have limits.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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How Did UPCX Lose $70 Million in a UPC Hack?

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UPCX suffered a major hack today, with 18.4 million UPC tokens stolen from its management accounts. This amounts to about $70 million dollars, and the price of UPC fell drastically.

The hackers stole more UPC than is currently circulating in the markets and haven’t offloaded any assets yet. It is unclear who did this or how they will be able to secure their gains in other assets.

UPCX Suffers Major Hack

Cyvers, a crypto security firm that has tracked and uncovered several major crimes, identified a serious hack this morning. Multiple suspicious transactions took place involving UPCX’s management account, and the firm acknowledged suspicious activity. UPCX didn’t go into great detail, only describing a few security measures, but Cyvers showed the extent of the hack:

“It appears that someone gained access to the address 0x4C….3583E, upgraded the ‘ProxyAdmin’ contract, and executed the ‘withdrawByAdmin’ function, resulting in the transfer of 18.4 million UPC (approximately $70 million) from three different management accounts,” Cyvers claimed via social media.

UPCX is an open-source crypto payment system, and this hack may represent a serious blow to the company. According to CoinGecko data, the hackers stole significantly more UPC tokens than are currently available, which is around 4 million. Naturally, this caused the price to drop significantly, in an immediate drop of over 4%:

UPCX (UPC) Price Performance
UPCX (UPC) Price Performance. Source: CoinGecko

Although a $70 million hack will certainly damage UPCX individually, it’s unclear if it will actually impact the broader market much. The largest hack in crypto history took place a little over a month ago, and the community is still assessing the fallout. Meanwhile, UPCX is comparatively tiny; less than 10,000 X users viewed its post admitting to the security breach.

Since the UPCX hack took place, the recipient account hasn’t moved any of its UPC tokens. Indeed, it may be difficult for the perpetrator to convert these assets into usable fiat in the first place. If the hackers stole nearly 5x the amount of UPC tokens in circulation, any attempt to liquidate them will crash UPC’s token price even further.

Ultimately, the UPCX hack is strange for several reasons. Despite a large dollar amount, it hasn’t attracted a huge amount of buzz or impacted the market outside UPC. Hopefully, further analysis will identify the perpetrators, and possibly freeze the assets. Otherwise, the threat of a future sale could hamper UPC’s recover for the foreseeable future.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Ethereum Struggles to Break Out as Bear Trend Fades

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Ethereum (ETH) enters the week with mixed signals as traders brace for tomorrow’s “Liberation Day” tariff announcement, a potential macro catalyst that could impact risk assets. While the BBTrend indicator remains deeply negative, it’s beginning to ease, hinting at a possible slowdown in bearish momentum.

On-chain data shows a slight uptick in whale accumulation, suggesting cautious optimism from large holders. Meanwhile, Ethereum’s EMA setup shows early signs of a trend reversal, but the price still needs to break key resistance levels to confirm a shift in direction.

ETH BBTrend Is Easing, But Still Very Negative

Ethereum’s BBTrend indicator is currently reading -11.66, slightly improved from -12.54 the day before, but still in negative territory for the second consecutive day.

The Bollinger Band Trend (BBTrend) measures the strength and direction of a trend based on how price interacts with the upper and lower Bollinger Bands.

A positive BBTrend suggests bullish momentum, with the price expanding toward the upper band, while a negative BBTrend indicates bearish momentum, with the price leaning toward the lower band. Typically, a value beyond 10 is considered a strong trend signal, making the current -11.66 reading a sign of continued downside pressure.

ETH BBTrend. Source: TradingView.

The persistent negative BBTrend suggests that Ethereum remains in a short-term bearish phase, with sellers still dominating the price action.

While yesterday’s slight uptick hints at a potential slowing of downward momentum, the indicator remains well below the neutral zone, meaning any reversal is still unconfirmed, despite Ethereum flipping Solana in DEX trading volume for the first time in 6 months.

Traders may interpret this as a warning to stay cautious, especially if ETH continues hugging the lower Bollinger Band. For now, price action remains fragile, and any bounce will need to be supported by a decisive shift in volume and sentiment to signal a meaningful reversal.

Ethereum Whales Are Accumulating Again

The number of Ethereum whales—wallets holding between 1,000 and 10,000 ETH—has ticked up slightly, rising from 5,322 to 5,330 in the past 24 hours.

While this is a modest increase, whale activity remains one of the most closely watched on-chain metrics, as these large holders often influence market direction. Whales’ accumulation can signal growing confidence in Ethereum’s medium—to long-term prospects, especially during periods of price uncertainty or consolidation.

Conversely, a decline in whale addresses typically suggests weakening conviction or profit-taking.

Ethereum Whales.
Ethereum Whales. Source: Santiment.

Although the recent uptick is a positive sign, it’s important to note that the current number of Ethereum whales is still below the levels observed in prior weeks.

This means that while some large holders may be re-entering the market, the broader whale cohort has yet to fully commit to an accumulation phase.

If the upward trend in whale numbers continues, it could support a bullish shift in sentiment and price. However, for now, the data points to cautious optimism rather than a decisive reversal.

Will Ethereum Break Above $2,100 Soon?

Ethereum’s EMA lines are showing early signs of a potential trend reversal, with price action attempting to break above key short-term averages.

If Ethereum price can push through the resistance at $1,938, it may signal the start of a broader recovery, potentially targeting the next resistance levels at $2,104, and if momentum builds—especially with supportive macro catalysts—increasing toward $2,320 and even $2,546.

ETH Price Analysis.
ETH Price Analysis. Source: TradingView.

On the flip side, if Ethereum fails to maintain its upward push and bearish momentum resumes, the focus will shift back to downside levels.

The first key support sits at $1,823; a break below that could expose Ethereum to further losses toward $1,759.

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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