The Binance executive said crypto wallets are increasingly taking on functions traditionally associated with bank accounts, highlighting the sector’s push toward broader financial use cases.
Binance Co-CEO Richard Teng said crypto wallets are becoming the new bank accounts, framing digital asset wallets as tools that increasingly serve everyday financial functions beyond simple token storage. The statement reflects a broader industry view that crypto wallets can act as access points to blockchain-based payments, asset custody, and onchain services, although the source provides no additional figures, timeline, or product details.