Binance's Teng Urges Industry to Learn From $6.3 Billion Hack as New Features Draw Scrutiny
Binance co-CEO Richard Teng says the industry must learn from the $6.3 billion hack, which combined a new Ethereum feature, fake recruiters and AI tools.
At TOKEN2049 Singapore, experts debated payments as a key driver for crypto super apps, addressing adoption hurdles and privacy concerns.
Few people require daily cryptocurrency trading, yet everyone has to pay for purchases. This contrast might shape whether crypto fulfills its ambition as a daily financial service.
Four panel sessions at TOKEN2049 Singapore, arranged by ChangeNOW, featured leaders from MetaMask, Trezor, WalletConnect, and other firms discussing mainstream crypto adoption.
A recurring theme from the panels was the difficulty crypto firms face in achieving daily usage despite adding more features.
Aleksandra Korneva, co-founder of Rubic, noted during the super apps session that sporadic crypto traders see no reason to revisit an app daily.
But introducing payments might shift this pattern.
Alex Radu, CEO of Pulsar Money, viewed payments and trading as potential cornerstones for all-in-one financial apps.
âThey just want to transact in a safe and secure and cheap way.â
Michelle Herman of CoinRoutes questioned the superiority of one-stop platforms, arguing that specialized providers may deliver stronger performance and data security.
This led to a fundamental query: what level of functionality truly enhances a financial app's utility?
The dialogue on wallets addressed another barrier: simplifying crypto transactions for non-experts.
Transferring assets across different blockchains often requires handling gas fees and multiple processes.
Yana of ChangeNOW insisted that such complexity should be eliminated.
âThe user shouldnât have to think about gas.â
A representative from MetaMask discussed the possibility of AI agents performing transactions on users' behalf in the future.
Denis, Trezor's software product lead, talked about hardware wallets authorizing agent-driven actions but cautioned that interface simplicity must not omit critical transaction details.
The session on infrastructure narrowed the focus toward real-world implementation.
Diana Alexandrova of WalletConnect argued that payment use should not require knowledge of blockchain mechanics.
âThey donât have to be cryptographers.â
Aztec Labs raised another issue: businesses cannot function effectively if confidential payments like wages are exposed publicly.
Banxa stressed the need for infrastructure providers to work together, while RocketX explored uniting liquidity sources under one interface.
The last panel explored a growing challenge: how AI evolution in internet search affects the discovery of crypto products.
Media representatives said they are moving toward interviews, podcasts, and direct audience connections as reliance on traditional search diminishes.
CoinEasy had a different experience: its solid Korean community and local search standing mitigated the disruption.
A wider view from all four panels: payments might provide users with a regular reason to engage with crypto.
Achieving this goal requires the industry to offer the convenience, reliability, and privacy that people currently anticipate from conventional financial systems.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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