Binance, the world’s leading cryptocurrency exchange, has introduced its Web3 Wallet, a self-custodial cryptocurrency wallet designed to make Web3 more accessible to millions of users.
The announcement took place during Binance Blockchain Week in Istanbul, underscoring the company’s commitment to simplifying the Web3 experience.
Seamlessly integrated into the Binance mobile app, the Web3 Wallet allows users to take self-custody of their digital assets, explore decentralized applications (dApps), and participate in DeFi activities without the complexity of recovery phrases or intricate onboarding processes. .
Changpeng Zhao (‘CZ’), CEO and Founder of Binance, emphasized that Web3 wallets empower people with self-sovereign finances. The wallet brings unprecedented simplicity to the Web3 landscape.
Users, whether beginners or experienced traders, can activate their Web3 Wallet in a matter of seconds, giving them immediate access to dApps and DeFi features directly through the Binance platform.
The Web3 Wallet uses Multi-Party Computing (MPC), an advanced security technique that divides users’ private keys into three parts called “key-shares.”
These key-shares are stored in different locations, significantly reducing the risk of key compromise and improving system security. It is important to note that two of the three key-shares are controlled by users, reinforcing the self-custodial nature of the wallet.
Binance wallet expands to offer a series of innovative earn and defi services
Users can earn interest on their idle cryptocurrency assets and take advantage of deep liquidity and low slippage to purchase cryptocurrencies through the Swap feature.
Additionally, cross-chain operations on various networks can be executed with ease. The wallet also has enhanced security features such as protection against bad addresses and detection of malicious contracts.
CZ explained that the Web3 Wallet is a bridge between centralized and decentralized systems, with the ultimate goal of reducing barriers to entry for users to achieve complete self-custody of their assets.
Binance seeks to create a friendly and secure environment for users to explore the Web3 universe.
Richard Teng, Head of Regional Markets at Binance, stressed the importance of creating a safe and secure ecosystem for users to experience Web3.
Binance’s MPC technology and trusted security infrastructure are central to the Web3 Wallet, eliminating the anxiety associated with lost recovery phrases.
The Binance Web3 Wallet is the result of collaboration with Trust Wallet, using the same technology layer services of the wallet.
However, Binance maintains full autonomy over the above wallet features, operations and services.
Users can count on Binance Customer Support 24/7 for any help they may need with the newly launched Web3 Wallet.