Opinion by: Eowyn Chen, CEO of Trust Wallet
The world is changing. Fundamentals that are often taken for granted in the physical world are now becoming unified as the digital age begins. Identity, payments and access are now converging into one single location: a digital wallet.
Wallets are becoming the bedrock layer for access to the modern digital world, just as a passport unlocks physical movement across the globe.
Digital wallets now enable people’s access to identity, money and services through an online economy and grant true digital freedom for anyone, anywhere.
Across the European Union, digital identity regulations are already changing how people prove their identity, how they interact with institutions and how they engage with the physical world. Through the Digital Identity Wallet Regulation, citizens will soon be able to store national IDs, driver’s licenses and health credentials on mobile devices.
Wallets as payment gateways
There are over 560 million cryptocurrency owners worldwide. Source: Triple A
Alongside state-issued IDs, self-custodial wallets already support Web3 identity. For example, it’s now possible to register and use an Ethereum Name Service Web2-style domain for Web3 (like “alice.eth”) via a decentralized application (DApp) browser. That way, apps recognize you without you needing to share a long wallet address.
This is a clear signal of where things are heading, where a wallet is no longer simply a tool for holding digital assets. Wallets now enable users to conduct cross-border transactions securely, preserving their privacy. Things are changing.
Wallets as identity hubs
New decentralized frameworks for identity are helping to structure the crypto wallets of tomorrow, turning them into secure and verifiable identity containers.
Instead of relying on centralized systems or third parties, digital credentials can now be stored and managed directly within user-controlled wallets. These could include government IDs, educational diplomas and medical records.
Mobile wallet users…...
