Market
Trust Wallet’s Eowyn Chen on Turning DeFi into Everyday Power
Eowyn Chen’s journey has taken her from a background in finance to her current role as CEO of Trust Wallet, one of the most popular crypto wallets, used by millions around the world. Starting as a consultant with Oliver Wyman, Chen later took on a key role at Binance, where she helped expand the platform’s user base. Her shift into blockchain was driven by a strong desire to empower people to take control of their own data in the digital world.
In this interview, Chen shares how she got started in Web3, the achievements that have established her as a respected leader, and her hopes for building a safer, more open digital economy.
Can you share how you first got started in Web3 and the path that led you to your current role? What key accomplishments have helped establish you as a leading figure in the industry?
My journey into Web3 started with a passion for using technology to create meaningful change, particularly in how to empower people to grow and thrive to be better versions of themselves. I’ve always believed that technology, while it can’t change human nature, has the potential to uplift societies. For me, blockchain and crypto offered a chance to democratize access to financial freedom and data ownership, especially for communities that have been historically underserved.
Between 2017 and 2018, I found myself at the crossroads of AI and blockchain. Back then, San Francisco was buzzing with talk about crypto — it was almost impossible to escape the hype. But it felt chaotic, with many voices and opinions clouded by the market euphoria. Being naturally skeptical of trends, I found myself drawn to the technology even more after the market crash in 2018.
That was the moment when things became clearer. I was fortunate to meet one of Binance’s co-founders, who shared a compelling vision of blockchain as the new infrastructure for value exchange on the internet. It struck a chord with me, and I began to realize how this technology could offer everyday people ownership in a way that technology often reserves for the elite. I began my Web3 career at Binance as an assistant to the co-founder, managing global communities and eventually building the marketing team from the ground up.
At Binance, I focused on scaling the user base, leading the central marketing team to grow it from tens of millions to hundreds of millions. That role was a turning point. It wasn’t just about growth; it was about creating an empowering system that was more inclusive and accessible, with the focus of the users at the center.
What was the moment that shifted your perspective on crypto ownership and self-custody? How it influenced your path from Binance to becoming CEO of Trust Wallet?
In 2018, when Binance acquired Trust Wallet, a casual conversation with Viktor Radchenko, Trust Wallet’s founder, marked a pivotal moment for me. He asked me if I truly owned any crypto, and when I showed him my centralized exchange account, he challenged my perception of ownership.
To prove his point, he sent me 5 BNB (about $25 USD at that time) directly to my Trust Wallet address, no middleman involved. It was such a small gesture, but that experience completely shifted my mindset. I realized the power of self-custody — having full control over my assets without relying on any centralized authority was both empowering and nerve-wracking. It wasn’t just about financial autonomy; it was about responsibility, and that balance between freedom and accountability was what really ignited my passion for decentralization.
But with that control came a new sense of responsibility. I started to wonder how to manage it safely, how to recover it if I lost my private keys, and how different it was from simply using a centralized exchange. It was both empowering and nerve-wracking, and that psychological effect — the balance between empowerment and responsibility—was the magical moment for me. It’s what makes DeFi so powerful, and it’s the foundation of everything else in the decentralized world.
As much as I loved my work at Binance, by 2021, I found myself at a crossroads, eager for a new challenge. It was around that time that Viktor reached out to me for help with Trust Wallet. I’ve always believed that the best products come from genuine need, and Trust Wallet embodied that — an incredible product with strong engineering but lacking any real marketing. I knew I could apply everything I’d learned at Binance to help scale Trust Wallet and bring real decentralization to millions.
When I transitioned to Trust Wallet as CEO, I saw an opportunity to bring this sense of empowerment to millions of others. Today, Trust Wallet serves over 100 million users, giving them true ownership of their assets and control over their financial futures. This journey — scaling platforms that democratize access to blockchain — has been at the heart of my mission and why I’m considered a prominent figure in Web3. I’m passionate about helping more people experience the transformative empowerment of self-custody and growing into financially responsible and aware individuals in today’s world.
How do you approach balancing security and innovation to keep users safe while continuing to advance Trust Wallet’s features?
Trust and security are the foundation for innovation. In the ever-accelerating world of Web3, innovation isn’t just about introducing new features or technologies — it’s about building a future that users can trust. At Trust Wallet, I’ve always believed that security and trust aren’t hurdles to innovation; they are its foundation. Without them, any advancement is on shaky ground.
Balancing innovation with security isn’t a challenging act for us — it’s a seamless integration. Every innovation we pursue is meticulously assessed through the lens of user safety. We don’t push boundaries at the expense of security; we expand them because of it. Our team works tirelessly to enhance the user experience while embedding top-tier security features that often operate behind the scenes but make a world of difference.
Our commitment to security is both relentless and proactive. Between 2023 and 2024, we conducted 86 internal and 12 external security audits. These aren’t just numbers; they’re reflections of our dedication to staying ahead of potential threats. Earning the ISO/IEC 27001:2022 and ISO/IEC 27701:2019 certifications wasn’t just an achievement—it was a promise to our users that we’re meeting global standards for security and privacy.
But certifications and audits are just part of the story. We’ve taken tangible actions to protect our community: blocking over $439 million from potential scammers, preventing more than 1.4 million malicious dApp connections, recovering close to $1 million stolen funds, and shutting down hundreds of phishing sites and impersonator accounts. Each of these actions represents our commitment to safeguarding our users’ assets and trust.
The core philosophy of Web3 is decentralization, and self-custody is the foundation for decentralization – empowering individuals with full control over their digital assets. This shift is transformative, but it also comes with significant responsibility. It’s not enough to hand over the keys; we must also ensure that users have the knowledge and tools to protect what’s theirs. That’s why education and robust security measures are integral to everything we do.
For me, the essence of balancing innovation with security is rooted in purpose and transparency. Every advancement must serve our users meaningfully and reinforce the trust they’ve placed in us. We believe that transparency builds trust, and trust is the currency of the digital age.
As we navigate the uncharted territories of Web3, our mission remains clear: to empower users to explore this new frontier with confidence and peace of mind. By making security the cornerstone of our innovation, we’re not just keeping pace with the industry’s evolution—we’re helping to define it. Together with our community, we’re building a safer, more transparent, and truly innovative digital world.
What do you see as the biggest challenges preventing women from entering the blockchain space, and how can the industry address these issues?
Blockchain is one of the most meritocratic industries out there. It’s still young, quickly changing, and driven purely by results. In this space, what matters isn’t who you are but the value you bring. That said, I understand why many women feel uncertain about stepping into it. The industry’s technical and financial focus can seem intimidating, making it feel like unfamiliar ground. But that’s precisely why we should dive in, not step back.
One of the systemic issues we face is the lingering perception that blockchain, like many tech sectors, is male-dominated. This perception discourages women from joining and keeps the field feeling exclusive. Many women think they need a technical background to succeed here, but the reality is that blockchain thrives on diverse skills and perspectives. Whether in tech, strategy, or leadership, women have the potential to lead in every aspect of this space. Feeling like a minority at times is natural, but it shouldn’t be a reason to hold back. We can’t let fear or unfamiliarity define us.
I’ve personally seen women thrive at every level of blockchain. In fact, there’s a growing trend where male founders turn to female CEOs to help scale their companies. Bitget, WalletConnect, and Trust Wallet are just a few examples that come to mind. Personally, I’ve always felt supported by my team and never felt inadequate because of my gender. But more than that, I believe women need to see themselves not just participating in this space, but leading. Whether it’s as developers, product managers, or CEOs, we need to make our presence known and take ownership of the opportunities before us.
Creating a supportive environment is key. We need accessible education, strong mentorship, and communities that uplift and empower women. Blockchain is fundamentally about decentralization and empowerment, and that mission must include women. I’ve been fortunate to have people around me who trusted me, but I also recognized the need to build my own confidence. And when women step up and fully engage in this industry, we’re not just changing tech — we’re redefining the future of finance, leadership, and innovation itself.
So to all the incredible female talent out there: don’t get caught up in the numbers or feel discouraged by how many women are in the room. Focus on delivering value. When you do, you’ll earn respect, and with that respect comes the power to help shape this industry’s future. We belong here, and it’s time to take our place.
What is your long-term vision for the role of women and diverse voices in the blockchain industry?
From its inception, the blockchain industry has been global, decentralized, and deeply connected in the core. It operates without the traditional boundaries that often limit other sectors — offering the freedom to work remotely, collaborate virtually, and participate in a truly borderless economy. These values have laid the foundation for one of the most globally diverse industries, not just in terms of geography, but in mindset and vision.
Diversity is about far more than identity labels. True diversity emerges when different voices, perspectives, and experiences come together, engaging in meaningful, civil dialogue while being united by a shared belief in the transformative power of blockchain. I see the future of blockchain as one that is inclusive and representative of all voices. The technology has the power to democratize access to opportunities, but we need to ensure that diverse perspectives are shaping its development.
I was recently discussing this with a fellow female OG VC. We both agreed: the female perspective, as well as the inclusion of diverse voices, will be pivotal in taking this industry to the next level. There’s an innate strength in the power of women and diverse leaders to empathize, collaborate, and solve problems in ways that are inclusive and forward-thinking. As the blockchain space grows, embracing this diversity will not only help the industry mature but also ensure it serves the needs of a truly global user base.
For women, this means more than just entering the space — it means leading and innovating within it. I envision more women not just participating but founding projects, building technologies, and influencing policy. To get there, we need to continue making the space accessible, fostering mentorship programs, and creating platforms for diverse leaders to thrive. My hope is that in the next decade, diversity in blockchain will no longer be an issue because it will be the standard.
Disclaimer
Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
What Past US Elections Reveal About Crypto Market Trends
The US Presidential election is anticipated to have a substantial impact on global markets, with the cryptocurrency sector standing as no exception. Traders, analysts, and crypto enthusiasts worldwide closely monitor the US, where shifting attitudes toward digital assets make a difference.
In a recent report, on-chain analytics platform Santiment explored the connection between the most important US political event and crypto market movements. With results expected in days, here’s a look back at the crypto market reactions during the last two US presidential election cycles.
How Did US Elections Impact Crypto During Past Cycles
Analysts expect a close race in the 2024 US presidential election and predict a prolonged counting period. Given the tight competition, multiple days may pass after Election Day on Nov. 5 before the final results are confirmed and the next president is publicly announced.
In past elections, markets have reacted swiftly to presidential outcomes. Officials announced Joe Biden’s victory in 2020 four days after Election Day, triggering positive trends despite ongoing global economic turbulence from COVID-19.
While the election influenced market movements, some argue that a bull run was already on the horizon as the international community focused on economic recovery and pandemic response.
After Donald Trump’s 2016 victory, the crypto market saw a minor five-day retrace, with Bitcoin and altcoins dipping before quickly rebounding from the initial volatility. Cryptocurrency markets are famously volatile, and election cycles tend to amplify this effect.
In 2020, Joe Biden’s win fueled optimism for stimulus-driven policies and potentially more lenient monetary practices, leading to a surge in crypto prices. The brief dip and swift recovery in 2016, contrasted with the post-election rally in 2020, highlight how political shifts can significantly impact market trends.
As a result, the announcement of Joe Biden’s victory in the 2020 election was far more positive for crypto, and markets reacted almost instantly after the news broke.
Read more: How Can Blockchain Be Used for Voting in 2024?
The 2024 election is expected to bring significant price fluctuations in crypto markets, driven by the incoming administration’s stance on regulation and policy. Both major presidential candidates have outlined their views on cryptocurrency, offering a glimpse into the potential direction of US digital asset policy in the years ahead.
Candidate Positions on Cryptocurrency: Trump vs. Harris
Donald Trump
Cryptocurrency enthusiasts widely view Trump’s proposals as more favorable due to his emphasis on industry-friendly policies and his family’s active involvement in digital assets. The crypto community has largely responded positively to his proposals, which many view as encouraging to market growth:
- National Bitcoin Reserve: Trump proposed creating a national bitcoin stockpile at the Bitcoin 2024 conference in July, aimed at establishing the US as a cryptocurrency frontrunner.
- Crypto-Friendly Regulatory Policies: Trump has pledged to create a presidential advisory council on cryptocurrency, aiming to develop clear, favorable regulations.
- SEC Leadership Overhaul: Trump has stated he would replace SEC Chair Gary Gensler, aiming for a regulatory shift he describes as more favorable to digital assets.
- Family Ventures in Crypto: Trump’s sons, Donald Trump Jr. and Eric Trump, recently launched World Liberty Financial, a cryptocurrency exchange, underscoring the family’s involvement in the industry.
Kamala Harris
Harris, though supportive, emphasizes consumer protection, which some in the crypto space interpret as less conducive to industry expansion:
- Support for Innovation in Digital Assets: Harris has voiced support for digital assets and AI, emphasizing the need to foster innovation while protecting consumers.
- Framework for Regulatory Clarity: Harris proposed a regulatory framework for digital assets in October 2024, focusing on investor protections and transparent guidelines.
- Blockchain’s Potential: Harris has acknowledged blockchain technology’s potential, calling for balanced regulations that support innovation without compromising consumer safety.
- Engagement with Industry Leaders: Harris has engaged in dialogue with cryptocurrency leaders throughout 2024, signaling her openness to digital innovations while maintaining regulatory standards.
These differing approaches have resulted in a significantly higher volume of mentions around Trump’s crypto discussions and policies compared to Harris’s, reflecting the community’s heightened interest in his approach.
On Polymarket, prediction rates show higher support for Trump over Harris among the crypto community, though Harris has recently closed the gap, making it a closer race.
Read more: How To Use Polymarket In The United States: Step-by-Step Guide
Regardless of who wins the 2024 election, the cryptocurrency sector anticipates continued growth and evolving regulatory frameworks as the new administration steps in. The crypto community will closely observe how the incoming administration navigates the rise of digital assets, balancing the drive for innovation with regulatory safeguards.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
VanEck Expands DeFi Offerings with PYTH ETN on Euronext
Asset manager VanEck has launched a new ETN based on PYTH, specifically for European buyers. The Pyth network, a decentralized oracle protocol, has earned praise from VanEck for its potential to transform the DeFi landscape.
This launch follows several similar crypto-focused ventures by VanEck in recent months.
VanEck Launches PYTH ETN
According to a recent press release, asset manager VanEck is listing a new exchange-traded note (ETN) based on PYTH today. The Pyth network is a decentralized oracle protocol that uses PYTH as a network token. PYTH’s value has risen slightly since this announcement, bucking a decline this month, but there has not been a substantial price jump.
This new ETN is one of several recent crypto project investments by VanEck. Earlier in October, the firm launched a $30 million venture fund aimed at crypto startups and, just last week, partnered with Kiln to offer Solana staking.
Read more: What Is a Blockchain Oracle? An Introductory Guide
VanEck publicly stated that Pyth’s technical potential inspired its latest ETN offering. Listed on Euronext Paris and Euronext Amsterdam, the ETN is now available to investors. Although distinct from an ETF, it shares some similarities: its value is tied to PYTH, and VanEck secures the ETN’s underlying assets in cold storage.
“Smart contracts… are gaining increasing significance in the financial world… and oracle networks play a crucial role in enabling [their] real-world use. With our Pyth ETN, investors have the opportunity to participate in the development of… Pyth Network, which has the potential to become a crucial part of DeFi application infrastructure,” VanEck Europe CEO Martijn Rozemuller said.
Read more: Crypto ETN vs. Crypto ETF: What Is the Difference?
However, it remains unclear whether “underlying assets” specifically refers to PYTH tokens. The ETN’s value is derived from the MarketVector Pyth Network VWAP Close Index, which in turn tracks PYTH’s value indirectly. This layered approach to value calculation may help explain why PYTH’s price has remained relatively stable since the announcement.
The press release also notes that the ETN is available across 15 European countries under the ticker VYPT, with a total expense ratio of 1.5%. VanEck cautions twice in its statement about the “risk of extreme volatility” associated with the product.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Swift, UBS, Chainlink Pilot Simplifies Tokenized Fund Transactions
In partnership with UBS Asset Management and Chainlink, Swift has completed a pilot program designed to streamline tokenized fund transactions through its established financial network.
Conducted as part of the Monetary Authority of Singapore’s (MAS) Project Guardian, this pilot demonstrates how financial institutions can leverage Swift’s existing infrastructure to manage off-chain cash settlements for tokenized assets.
Swift, Chanlink and UBS Aim to Streamline Fund Operations and Boost Efficiency
Swift, UBS Asset Management, and Chainlink have completed a pilot for settling tokenized fund subscriptions through the Swift network. The initiative addresses inefficiencies in the $63 trillion global mutual fund market by connecting 11,500 institutions to streamline manual processes and cut costly settlement delays that hinder liquidity.
“Chainlink is enabling institutions to reuse Swift’s infrastructure to facilitate payments for digital asset transactions. I am very excited by the upcoming adoption of these off-chain payment capabilities and how they will increase the flow of capital and expand the possible user base of digital assets,” Chainlink co-founder Sergey Nazarov said.
Read more: RWA Tokenization: A Look at Security and Trust
Chainlink and Swift’s pilot bears real potential in demonstrating how financial institutions can streamline these processes in the future. It automates payment processing for tokenized investment funds without requiring a fully blockchain-based system. This approach makes transactions faster and more efficient.
The pilot builds on earlier work between UBS Asset Management and SBI Digital Markets. Their previous collaboration focused on developing a Digital Subscription and Redemption system for tokenized funds.
Using Swift’s established infrastructure, the pilot demonstrated how fund transactions could be settled efficiently by connecting traditional systems with blockchain. Upon meeting specific conditions, UBS’s tokenized investment funds automatically issued or canceled fund tokens for investors.
UBS rolled out a tokenized fund on the Ethereum blockchain on November 1. The “UBS USD Money Market Investment Fund Token,” known as “uMINT,” aims to meet growing demand for tokenized assets. Meanwhile, MAS highlighted its dedication to asset tokenization, drawing insights from 40 institutions and 15 pilot trials.
“Our collaboration with UBS Asset Management and Chainlink under MAS’ Project Guardian uses the Swift network to bridge digital assets with existing systems. This approach supports our goal of helping financial institutions securely transact across various digital asset classes and currencies,” Swift Head of Strategy Jonathan Ehrenfeld commented.
Read more: How To Invest in Real-World Crypto Assets (RWA)?
The pilot highlights the growing momentum toward integrating digital assets with mainstream financial systems, illustrating how established infrastructures like Swift’s can support the fast-evolving digital economy.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
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