Bringing the global crypto and blockchain communities together in Istanbul, Turkey, the Binance Blockchain Week 2023 was a clear indicator that the Web3 ecosystem continues to grow regardless of price movements.
Despite being a Binance event, the conference housed several key players from the crypto industry.
Among them was Trust Wallet, a decentralized Web3 wallet provider acquired by Binance back in 2018. Since its acquisition, Trust Wallet has been widely seen as “the wallet arm of Binance.” This is why the Binance Blockchain Week visitors were caught off-guard when the crypto exchange announced its own Web3 wallet.
Trust Wallet CEO Eowyn Chen — a former vice president at Binance — clarified that “Binance focuses on the centralized, while Trust Wallet works toward the decentralized ecosystem,” adding that Trust Wallet has a neutrality that can serve and partner with anyone in the crypto industry.
“We think that keeping that independence and distance is the best way to keep the culture and the talents running for its own mission.”
Trust Wallet was born in 2017 during the initial coin offering craze due to the need for an accessible mobile wallet, Chen said. “It was the only developer-focused extension wallet out there,” she added. The Web3 wallet focused on onboarding users and developers to a decentralized blockchain world.
“Recently, we became a sister company of Binance rather than operating under Binance because we can have a better playing field,” Chen explained. “We can still partner with each other, and Binance Web3 Wallet is the result of a strategic partnership.”
“Scammers provide better customer support”
Compared to fixing the user experience, solving the security issues across Web3 is trickier, according to Chen. Unlike the app-focused user experience, she noted that security vulnerabilities can occur on blockchains, decentralized applications, smart contracts or even at the code level of a wallet.
Scammers account for the lion’s share of security issues because of the social aspect of fraud, in which social pressures can influence users to ignore security warnings and their better judgment.
Chen said that Trust Wallet’s security team has observed how scams have become much more sophisticated and has…