CZ Supports Crypto Wallets for Daily Crypto Use

Ex-Binance CEO Changpeng Zhao (CZ) advocates for crypto wallets as the primary interface for everyday blockchain interactions, reserving exchanges for professional traders and liquidity providers.

In a recent discussion with Trust Wallet CEO Eowyn Chen on X (formerly known as Twitter), CZ emphasized that many users mistakenly treat exchanges like wallets, when platforms such as Binance and Coinbase are meant for trading, not long-term storage.

Now focused on investment opportunities with YZI Labs (formerly Binance Labs) and contributing to Giggle Academy, CZ remains deeply involved in the crypto space.

He also noted the unexpected rise of his dog, Broccoli, in the meme coin world. https://www.coinlive.com/news/cz-s-on-a-roll-teases-bnb-chain-ai-agent-tutorial

The former Binance CEO expressed:

“I don’t think there should be any block in the future. The exchanges should only be for professional traders. You know, very large traders with liquidity. The exchange is a liquidity pool. Most people should not need to interact with Exchange.”

The conversation highlighted a broader industry shift—wallets, once simple storage tools, now facilitate asset management, digital identity, payments, remittances, and DeFi access.

Chen added that Trust Wallet’s user base has expanded beyond speculative traders, reflecting a growing demand for wallets as all-in-one financial platforms.

Chen noted:

“We have almost 200 million downloads, and this is about 77% of the finance registration users. So for us, we feel like as a decentralization wallet. And with all the hoops that you have to jump over, that’s quite some honor from the user base.”

Wallets as Potential Access Points for Digital IDs and Government Services

CZ highlighted the potential for crypto wallets to serve as gateways to digital identification and government services, noting that many governments are exploring blockchain-based solutions for secure digital identities.

Wallets could play a crucial role in these initiatives, offering a secure platform for storing assets and credentials while expanding beyond finance into areas like digital education and public services.

CZ said:

“When governments look at blockchain, the first thing they’re going to need is a digital and decentralized ID solution. For that, you need a wallet. You should be able to do everything from the wallet. The wallet is kind of like the browser to the internet, right? So they are a key infrastructure.”

This discussion comes amidst growing scrutiny of wallet providers and exchanges over user data and market practices.

Chen emphasized that separating wallet and exchange functions could enhance the ecosystem by catering to distinct user needs.

Wallet platforms, she noted, have the potential to serve a broader audience by addressing everyday financial requirements.

The conversation also touched on the evolving role of digital identity and education in the blockchain space.

Chen proposed integrating digital certificates and identity systems with wallets, enabling seamless access to educational content, government services, and financial tools.

This innovation could drive mainstream adoption and position wallets as essential components of the digital economy.