Eowyn Chen is the CEO of Trust Wallet, and she’s made quite a name for herself in the crypto world. She first got into blockchain in 2014 while working in fintech. Then, in 2018, she joined Binance. By 2022, she took the reins at Trust Wallet.

In a recent chat with BeInCryto, Eowyn opened up about the challenges facing crypto wallets. She pointed out that many wallets are struggling to make a profit. She also shared her vision for the future. Imagine something like “Amazon Web3”—that’s what she’s aiming for. Eowyn believes that web extension wallets might soon fade away, replaced by features embedded directly in dApps.

When asked about her name, Eowyn, she explained its significance. It comes from J.R.R. Tolkien’s “Lord of the Rings.” She said it serves as a personal reminder to resist industry temptations and focus on the project's success rather than personal gains. This principle guides her leadership style and shapes 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 created this name, and it sounds very Irish.”

She continued, “With this name, I remind myself of two important themes. First, it’s about carrying the powerful ring to destroy it. This ensures no one has a single point of tyranny. The crypto industry is full of temptations—fame, money, power. I’ve seen leaders fall into pride and fail. I want to stay grounded and avoid those temptations. The second theme is that Eowyn’s character dies. Anyone who wants to create something lasting must prioritize the project over themselves. The goal is to build something that lasts beyond you.”

Q: How does this philosophy apply to the company?
“I’m focused on building a company that can thrive beyond founders like me. I tell my team that I don’t expect Trust Wallet to be their last job. They will explore other exciting opportunities in the industry, but I want them to maintain integrity and a mission focus. Learning from our values is crucial for growing a mature and trustworthy industry, especially with so many scams out there.”

Q: Where are you based, and how is the regulatory environment treating you?
“Right now, I’m in Dubai. Before that, I was in the U.S. There were concerns, especially after the SEC case against Coinbase Wallet. Luckily, we haven’t faced any legal issues. We tend to be more conservative than our peers because we learned valuable lessons at Binance about maintaining boundaries and business models.”

Q: How do you see the future landscape of the crypto wallet industry?
“Most wallets aren’t making money. The only potentially profitable ones are Metamask and maybe Coinbase Wallet. Many others are either losing money or just not profitable at all. The wallet business model is tough. Some wallets rely on outside funding to survive.”

Q: But chains and cryptocurrencies are continuously increasing; doesn’t that help the wallet business?
“We started as an Ethereum-only wallet, but now we support 105 chains, including 65 non-EVM chains. However, new chains don’t attract new users anymore. We focus on retaining existing users. Our goal is to offer a one-stop solution, so users don’t need multiple wallets for different chains.”

Q: Are there any upcoming changes or new features you are planning?
“One thing we’re testing is smart contract integration through EIP-7702. This upgrade enhances the Externally Owned Wallet (EOA) with smart contract capabilities. A wallet's main role is to provide a simple and user-friendly experience. Smart contracts can improve user experience and help retain users.”

Q: What challenges does your business face as a whole?
“Scalability is a big challenge, especially as a multi-chain wallet supporting both EVM and non-EVM chains. Providing users with gasless experiences or chain abstraction is complex. You can’t just stick to EVM standards. Designing a consistent user experience is tough from both a product and technical perspective.”

Q: What’s your vision for the future of wallets?
“I see a future where we develop a B2B service like Wallet-as-a-Service. I also envision something like ‘Amazon Web3,’ offering various utilities and better user experiences. I believe web extension wallets may disappear in a few years, with wallet functionalities becoming integrated into dApps for a seamless experience.”