The non-custodial, risky “degen” narrative is undergoing a major shift. The crypto landscape is being reshaped by spot ETFs, the growing dominance of stablecoins, real-world tokenization of assets, and even government ownership of Bitcoin through seizures and reserves. Wallet services now face the challenge of balancing DeFi-first principles with the need to integrate traditional financial rails.
BeInCrypto sat down with Marcel Harmann, the founder and CEO of THORWallet, at Token2049 in Singapore to discuss the future of non-custodial crypto wallet services. Harmann is a leader in non-custodial wallets and pioneering native cross-chain swaps. He wanted to see what the sector thinks about current and future companies.
THORWallet has been in the space since the beginning. What was your original vision, and in a crowded wallet market, what are the key verticals in which THORWallet has positioned itself as a pioneer?
From day one, our vision has been to bring financial services based on blockchain and DeFi technology – open, fair and transparent – to the people. When I mean financial services, it’s not about custody: not just holding and receiving, but also features for trading, exchanges, perpetuals and savings accounts. All the financial services a person needs can now be provided with DeFi, and we want to make it accessible.
We are well aware that there are many wallets out there, and we have tried to find some verticals in which we can pioneer. We were the first wallet ever to natively allow cross-chain swaps from Bitcoin to Ethereum. We integrated a native Swiss bank into THORWallet – we were the first to do this. We are also a multi-signature solution, which is hyper-secure. We always look for vertical markets in which we want to be better than the competition.
You mentioned that you are the first wallet to natively enable cross-chain swaps between Bitcoin and Ethereum. Can you explain what “native” means in this context and where you see this technology going?
Unwrapped tokens, native tokens, are the thing. So cross-chain swaps fit with our vision of being able to swap any token from any ecosystem with any token from another ecosystem – basically what a centralized exchange does, just completely on the DeFi rails. We’ve already covered this with about 20,000 tokens, but there are many more tokens. We’re maybe two years away, maybe three years tops, until you can exchange any token for any token, based entirely on DeFi.
As you mentioned, THORWallet has taken an interesting approach by integrating a Swiss bank directly into the wallet. Can you show us how Swiss banking integration actually works for users?
We collaborated with a Swiss FinTech. This is optional, but it is obviously KYCd, because it is fiat money. Everything else is completely non-custodial, with no intermediaries, just DeFi technology. Once you do the KYC there, you have a very easy way to move crypto in and out and spend it anywhere a Mastercard is accepted. We support multiple currencies: it’s basically a Swiss bank account with Swiss Francs, Dollars, Euros and Chinese Yuan.
How do you see the relationship between traditional banking and crypto evolving? Will banks adopt crypto, or will crypto evolve into a bank-like system?
The banks are certainly adopting crypto. In Switzerland, all major banks, except UBS, already offer crypto services. First they hated it, then they fought it, and now they see the payoff. They have to participate, otherwise the train will leave. We build DeFi in parallel. Centralized banks use centralized custody, but will also offer financial services based on the DeFi rails. You’ll see it work together, and because DeFi is the superior technology, it will eventually dominate, much like the automotive industry, where gasoline engines will likely disappear next.
In addition to being a standard hot wallet, you have multi-signature capabilities built in for each blockchain. Can you explain this hybrid security approach and why it matters to users and treasuries?
We are a popular seed wallet, so you have your seed sense. But we also want a hyper-secure version with a multi-signature wallet, so you can co-sign with multiple devices: two or three devices. It could be a laptop, a second phone, a friend, or your DAO partner or treasury partner around the world, and they can co-sign for any token on any chain. The technology is basically chain-agnostic, TSS-based. So it is hyper-secure: you no longer need a hardware device. For example, our treasury fund is managed with this technology.
Gas rates, user experience and network congestion remain major obstacles to mainstream adoption. What solutions are emerging, and how does THORWallet address these pain points?
We aim to provide a FinTech-like experience where the user does not know or feel that blockchain technology is involved. Features are popping up everywhere, like universal gas tanks where you can top up one account, which is used to pay gas costs across the blockchains. Every wallet will take over at some point – probably there will be subscription services or wallets that pay the fees themselves, the gas costs for the users, just as a service. We need to push blockchain technology to the backend.
Self-custody is fundamental to DeFi, but is increasingly under regulatory scrutiny. How do you see this landscape evolving, and which jurisdictions are doing this well?
Self-custody is a cornerstone of the DeFi blockchain. It is being challenged by regulators, probably under pressure from traditional competition that doesn’t like it. However, if built correctly and fully decentralized, blockchain technology, DeFi technology and peer-to-peer self-management without an intermediary cannot be held back. It is essential to compare it with technologies of the past. In the early days of the Internet, it was very cumbersome to connect your modem, which made strange noises, and then it was slow. If anyone in the house answered the phone, the connection would be disconnected. But nowadays you have 5G everywhere. It’s very similar to DeFi: we’re still early, but growing faster than the internet back then, in terms of user metrics.
The regulator’s smart move here is to work with it rather than against it. I would say that a lot of countries see that – Switzerland, for example, I think, is very progressive. Those who are now positioning themselves as a global hub, for example: Hong Kong is trying very hard, Dubai is trying hard and the United States is pushing hard.
Many wallets are now launching or reviving token models: MetaMask, Trust Wallet, Rabby. You tested THORWallet’s token economy with live users. What have you learned about creating real utility while generating financial value for users?
We have been testing the token economy with live users for four years. The key is to remain a utility asset while increasing its monetary value. How do you arrange that legally and technically? I’m very interested in the actual benefit they provide.
From native cross-chain swaps to Swiss bank integrations, THORWallet’s approach reflects a growing trend in the industry: redefining the way users interact with both decentralized and traditional finance.
At Token2049, one thing was clear: the next wave of wallets will not only store crypto, but bridge entire financial worlds.
The post THORWallet CEO on Native Swaps and DeFi’s Banking Future appeared first on BeInCrypto.
