Today, we have Kosala Hemchandra, CEO and Founder of MEW MyEtherWallet, the original digital wallet and leading platform to access the entire ecosystem. As an experienced founder with a demonstrated history of working in computer software, Kosala has built MEW into a team dedicated to being at the forefront of innovation in crypto.

Kosala Hemchandra: Since the first paper currency was introduced in the New World in the s, traditional wallets were developed to store valuable assets. They are readily available and allow individuals to manage and control their liquid assets, including credit cards and cash. But what happens if you misplace your wallet? Or someone steals your driver’s license and commits identity theft? Inevitably, you’re out of luck.

Similar to a standard wallet, an wallet still allows users to manage and control liquid assets; however, it alleviates the stress of someone stealing your credit card. An wallet is a piece of software or hardware allowing users to interact with the blockchain. Users can send and receive transactions, determine their balances, create smart contracts, interact with decentralized applications and so much more.

In an wallet, users can store and protect their digital identities, including their financial records by managing their own private keys however they please, even if that includes keeping them memorized in their minds. A standard wallet lacks that added level of protection. If one loses a standard wallet, the owner must prove themselves to authorities to issue new documents, such as a new driver’s license or a new credit card. With an wallet, users not only have an additional level of protection, but the sole control of their financial assets and identities.

Drenik: Why would users trust a digital wallet? How do they assure users their assets are secure?

Hemchandra: We often hear about scammers using the internet to hack into users’ smartphones. However, what many users don’t realize is that almost all smartphones have a built-in secure hardware enclave. It is a separate processor with isolated memory, meaning if your phone’s operating system is compromised, the secure enclave will remain protected. For example, an iPhone’s Face ID or Apple Pay uses the hardware enclave to efficiently store users’ private information.

For digital wallets, companies like MEW MyEtherWallet leverage the hardware enclave to protect users’ private data by encrypting and storing private keys and only allow the authorized applications to decrypt them.

Hemchandra: Cryptocurrencies and non-fungible tokens NFTs are simple, favorable gifts that allow tremendous potential of perks for the recipients. According to a recent Prosper Insights & Analytics Survey, over % of Gen-Z are aware of NFTs and this generation will push the mainstream adoption of these tokens.

Now that we’re facing higher gas prices and still suffer from supply chain issues, shipping and transportation of everyday goods are becoming more difficult. The silver lining is it gives crypto and NFTs their time to shine. Crypto and NFTs are easy to ship, don’t take up physical space, and can increase in value over time.

Through digital wallets like MEW, users can easily access NFTs. If you are sending an NFT, include a note to the recipient that explains how to claim it, and offer to help them set it up through a digital wallet if they don’t have one already. Walking a friend or family member through the process of owning an NFT can be a great way to spend time together, either virtually or in-person. The recipient will appreciate not only the NFT, but the learning experience as well.

Hemchandra: MyEtherWallet MEW prioritizes user privacy and customer protection. Like many wallets, a crypto wallet key is required to access all accounts and funds. MEW takes the process multiple steps further, by encrypting the users’ private keys for a second time, offering pin code and biometric signatures, such as Face ID and thumbprints.

The security doesn’t stop there. To ensure the highest level of protection, MEW encrypts the encrypted key again, with a key generated from the Android Keystore or Secure Enslave iOS. Users are able to store the super encrypted key in their mobile devices, separated from the rest of the system on the software level.

The most valuable asset of MEW’s security system is that the platform does not collect user data. MEW is unable to access any funds, users’ IP addresses, or any other private information. The user is ultimately in complete control of their own security and privacy. I believe the community needs to do a better job educating users of the risks and steps that can be taken to keep their funds secure. MEW not only practices double-encryption to ensure the highest level of protection but has always been a non-custodial wallet– meaning only the users have access to their private keys.

Drenik: What are the benefits of accessing a wallet on a mobile device rather than a desktop browser?

Hemchandra: With my company, just having a web-based platform wasn t enough— Five years ago, we saw a need to release a mobile app to meet our users where they wanted to spend their time. A recent Prosper Insights & Analytics reported almost % of Gen-Z uses mobile payment apps.

At the same time, % of Millennials use these digital payment alternatives to invest in cryptocurrency.

Since launching MEW wallet, MEW’s mobile platform, we have witnessed demand in what can be offered through mobile skyrocketing. People gravitate to mobile apps, as a matter of convenience and efficiency. If we can deposit money, check our investments, buy crypto and pay down our credit card all in one app, we will.

Hemchandra: Modern finance is already going mobile. The same Prosper Insights & Analytics Survey claimed over % of Millennials are already using mobile payment apps, meaning the demand for mobile crypto wallets will continue to grow and manifest for generations to come. We are at the early adopters stage of the digital assets industry, and my company offers solutions to roll out the best crypto services for users in what I consider to be the first stage of delivering the best services to a broader user base.

Mobile apps are expected to generate over $ billion in revenue by . Crypto is reshaping how we invest and earn by the billions. We are currently writing the script for what financial services will look like for the next fifty years, let alone six months. I believe that we will begin to see the biggest names in the financial industry adapt and decentralize their offerings or begin consolidating the most popular services from blockchain companies for their users. Either way, the future of finance will become easier, more profitable, more focused on the individual and decentralized.

Drenik: Thank you so much Kosala, for explaining how our financial economy is transitioning to digital. I really appreciate your insights on how by utilizing mobile payment apps to educate users on cryptocurrency and blockchain, the future of finance will become easier and more profitable with an emphasis on the user itself.