Former Binance CEO CZ believes that crypto wallets should be the main tool for daily transactions, while exchanges should cater to professional traders. He shared this opinion during a discussion with Trust Wallet CEO Eowyn Chen. CZ emphasized that wallets are evolving beyond just storage options.
Even though CZ is no longer at the helm of Binance, he is still active in the crypto space through YZI Labs and the Giggle Academy. He argued that exchanges should primarily serve as liquidity pools for large traders. He stated, “Most people shouldn’t have to use an exchange,” suggesting that wallets like Trust Wallet are better suited for everyday crypto activities.
This perspective aligns with a growing trend in the industry. Crypto wallets are no longer just for storing assets; they now facilitate financial transactions, digital identities, and decentralized finance (DeFi) services. Users can manage their wealth, send money, and access decentralized applications without needing exchanges.
Eowyn Chen confirmed that Trust Wallet has seen significant growth, now serving millions globally. She mentioned that the platform has nearly 200 million downloads, representing 77% of finance registration users. Trust Wallet is shifting its focus from speculative trading to providing DeFi solutions for everyday users.
CZ also highlighted the potential of wallets in digital identity and government services. Many governments are looking into blockchain-based identity solutions, and wallets could serve as secure gateways for credentials. He compared wallets to browsers for the internet, calling them essential infrastructure.
As discussions on user privacy and market regulations continue, Chen noted that separating wallets from exchanges allows for better service to different user types. By concentrating on financial tools and identity management, wallets can expand their roles into education and public services. She proposed that digital certificates and government access could be integrated into wallets, making them vital for modern digital life.
This shift indicates that crypto wallets are moving from passive storage to active management tools, suggesting that blockchain adoption will continue to grow.
