Belief Pockets CEO Predicts ‘Amazon Web3’ Future for Crypto Wallets

Eowyn Chen, CEO of Belief Pockets, who first encountered blockchain ideas in 2014 whereas working in fintech, has risen to prominence within the crypto trade, becoming a member of Binance in 2018 earlier than taking the helm at Belief Pockets in 2022.

In a current unique interview with BeInCryto, Chen shared insights into the challenges going through the crypto pockets trade, noting that the majority wallets battle to be worthwhile. She additionally revealed her imaginative and prescient for the way forward for wallets, describing an idea akin to “Amazon Web3,” and predicting that internet extension wallets could disappear in favor of dApp-embedded performance.

For the primary time, Chen defined the that means behind her chosen title, Eowyn, impressed by J.R.R. Tolkien’s “Lord of the Rings.” She shared that this title serves as a private reminder to keep away from trade temptations and to prioritize the undertaking’s success over private achieve, ideas that information each her management and Belief Pockets’s tradition.

Q: Why did you select the title “Eowyn”?

It’s from the Lord of the Rings written by J.R.R. Tolkien.  He made up this title which sounds very Irish. 

With this title, I remind myself two issues.  The primary is the theme of Lord of the Rings, to hold essentially the most highly effective ring to the mission, which is to destroy the ring in order that nobody has a single level of tyranny. Generally crypto trade has a number of temptations, irrespective of if that’s the celebrity, the cash, or the ability.  I’ve seen leaders that obtained into delight after which simply fall.  I need to remind myself to not get tempted by the ring.  The second is that this character within the Lord of the Rings dies. Anybody who needs to do long-lasting issues must neglect about herself or himself within the undertaking.  The important thing aim is to not create for staying within the place endlessly however to create one thing that stays past you.

Q. How does this philosophy apply to the corporate? 

I’m constructing my firm to outlive past the founders like me. I inform my crew, too, that I don’t count on Truss Walet to be the final employer you’re having. They’ll go into the trade to do different attention-grabbing, cool stuff, however I need you to have integrity and a mission focus, and to be taught from the cultural worth and produce to the trade. That’s how we will develop extra mature and reliable as a result of there are sufficient scams on the market.

Q: The place are you based mostly, and the way is the regulatory atmosphere treating you?

Proper now in Dubai, however beforehand within the U.S.  There was a priority.  Coinbase Pockets obtained the SEC case, and to date, fortunately, we haven’t obtained any circumstances.  We are usually far more conservative than all our friends as a result of we realized the teachings from Binance.  I used to be Binance and noticed how issues go down.  There are specific boundary traces reminiscent of the right way to become profitable or the place to have the enterprise mannequin.

Q: How do you see the long run panorama of the crypto pockets trade?

A lot of the wallets don’t become profitable. The doubtless worthwhile ones are Metamask and possibly Coinbase Pockets.  All the opposite wallets don’t make cash or dropping cash, as a result of pockets as a enterprise mannequin just isn’t simple to outlive.  So both they’ve a sugar daddy that they should just be sure you give them the cash and help them.

Learn extra: 16 Greatest Web3 Wallets In 2024

Q: However chains and cryptos improve constantly, doesn’t it assist the pockets enterprise?

Initially, we have been an Ethereum-only pockets, however now we help 105 chains and 65 are non-EVMs. But it surely was the early days when the multi-chain journey occurred.  However the chains don’t convey us new customers anymore.  There haven’t been any new chains that we built-in that have been such an excellent attraction to customers and made them begin to use our product.

These days, we are likely to seize the customers already present within the trade, because the new chains not drive something.  So, it’s extra of a retention play for us. The customers don’t should have 50 wallets for 50 chains however they will have a one-stop store with us. 

Q: Are there any upcoming modifications or new options you’re planning?

One factor that now we have been testing and try to make extra strikes on is the sensible contract integration in EIP-7702, which upgrades the EOA(Externally Owned Pockets) with some sensible contract options. The basic position for a pockets to play is straightforward, easy-to-use, UX, and we imagine that sensible contracts can permit a greater, smarter person expertise and likewise, that person experiences can retain customers higher.

Q: What challenges does your enterprise face as an entire?

Scalability is a significant problem, particularly being a multi-chain pockets supporting each EVM and non-EVM chains. When it’s a must to present customers with gasless experiences or chain abstractions experiences, you can’t simply rely on EVM’s requirements.  It’s very tough to design each from the product layer and from the technical layer to offer customers that easy, constant expertise.

Q: What’s your imaginative and prescient for the way forward for wallets? 

One is to construct a B2B service like Pockets-as-a-service. One other is like “Amazon Web3,” providing varied utilities with higher person experiences. Internet extension wallets could disappear in a number of years, with pockets performance changing into embedded in dApps for a seamless expertise.