Former Binance CEO Changpeng ‘CZ’ Zhao envisions crypto wallets as the main interface for everyday blockchain interactions, suggesting that exchanges be reserved for professional trading and liquidity purposes. Engaging in a discussion with Trust Wallet CEO Eowyn Chen, CZ revealed a shift in focus, emphasizing wallets' evolving roles in asset management, digital identity, and payment functionalities.

CZ remarked that many users mistakenly use exchanges as wallets, while platforms like Trust Wallet are better suited for storing cryptoassets. He argues that exchanges should cater to large traders, functioning primarily as liquidity pools, while wallets facilitate daily transactions and support DeFi services.

Eowyn Chen echoed these sentiments, noting Trust Wallet's substantial growth. Digital wallets, according to Chen, should manage wealth and enable access to services, transforming into essential digital identity solutions related to government services and secure credential storage.

As wallet providers and exchanges encounter increased scrutiny concerning user data and industry practices, distinguishing their functions is believed to benefit the ecosystem. These innovations in digital identities could significantly enhance everyday crypto use, encouraging blockchain technology adoption.