Binance
has unveiled Web3 Wallet during the Binance Blockchain Week conference in
Istanbul. This product aims to address the growing demand for an uncomplicated,
secure, and user-friendly way to explore the world of Web3.
The
Binance Web3 Wallet offers its users an opportunity to delve into the Web3
universe. This recent launch provides users a method to swap thousands of
tokens across various networks at competitive rates; explore a plethora of decentralized
applications (dApps); transfer funds between their exchange and wallet; and
earn yield on their crypto assets.
Binance
Web3 Wallet is a collaborative effort with the product and engineering team at
Trust Wallet, utilizing the same wallet technology layer services while
maintaining Binance’s autonomous control over Web3 Wallet’s features,
operations, and services.
Changpeng Zhao, CEO and Founder of Binance, Source: X
Changpeng
Zhao (CZ), the CEO and Founder of Binance, emphasized the significance of Web3
wallets, stating: “Web3 wallets represent more than just storing digital
assets; they are an integral part of the Web3 framework, empowering individuals
with the ability for self-sovereign finance.”
Users
can create and activate their Web3 Wallet within the
Binance mobile app. This integration enables users to access dApps and DeFi
features without switching between multiple platforms. To enhance security,
Multi-Party Computation (MPC) technology is used. It eliminates the need for
users to manage or memorize seed phrases while ensuring the security and
self-custody.
CZ
further emphasized the importance of bridging the gap between centralized and
decentralized systems to facilitate Web3 adoption, stating: “Binance’s
Web3 Wallet lowers the barriers of entry for users to achieve full self-custody
of their assets and is an important, convenient bridge towards DeFi
empowerment.”
Meet the brand new #Binance Web3 Wallet!
Simple, convenient and secure.
Discover more 👇
— Binance (@binance) November 8, 2023
Web3
Wallet’s Security Measures with Private Keys
The
Web3 Wallet allows users to earn interest on their idle crypto assets and
access a suite of innovative Earn and DeFi services. Within the Web3 Wallet,
users can explore various dApps, purchase cryptocurrencies at competitive
prices via the Swap function and execute cross-chain trades across different
networks.
Private
keys are divided into three smaller parts known as key-shares. These are stored
in three different locations, mitigating the…
