CZ Pushes Trust Wallet for Daily Crypto Management, Emphasizing Shift from Exchanges
1min read CZ, the former CEO of Binance, has advocated for the use of Trust Wallet as a key tool for everyday crypto management and digital identity solutions. In a recent discussion, CZ emphasized the distinct use cases of crypto wallets and exchanges, stressing that exchanges should primarily serve professional traders, while wallets should cater to daily blockchain usage and digital identity needs.
CZ believes that the future of crypto lies in the shift towards wallets as essential tools for daily transactions. He noted that most people have been using crypto exchanges as wallets, which is incorrect. Platforms like Binance and Coinbase should be used for trading, while apps like Trust Wallet serve the purpose of storing cryptoassets and supporting a wide range of functions such as remittance, wealth management, and access to DeFi services.
Trust Wallet has seen significant growth in its user base, attracting everyday users rather than those interested in speculative trading. The platform now has almost 200 million downloads, representing 77% of the finance registration users. This growth reflects the increasing importance of wallets in the crypto industry, as they now play a key role in asset management, digital identity, and payment functions.
CZ also mentioned that wallets could become a gateway to digital identification and government services. He noted that many governments are exploring blockchain solutions to provide citizens with secure digital identities. Wallets could support such initiatives and provide a safe place to store assets and digital credentials, extending beyond finance into areas like digital education and public services.
The discussion came as wallet providers and exchanges face increased scrutiny over user data and market practices. Separating wallet functions from exchange functions can benefit the ecosystem by capturing different user profiles, allowing wallet platforms to serve a wider audience with everyday financial needs. This trend not only enhances user experience but also bolsters the credibility of crypto within broader societal frameworks.
