Binance proudly announced the launch of its Web3 Wallet at the Binance Blockchain Week conference in Istanbul today. The Binance Web3 Wallet aims to provide an easy, safe, and straightforward way for millions of users to interact with the Web3 universe.
Binance’s Web3 Wallet serves as a portal to Web3, offering a self-custody crypto wallet built within the Binance app. This new product allows users to securely swap thousands of tokens across various networks, explore a range of decentralized applications (dApps), transfer funds swiftly between exchange and wallet, and earn yield on their crypto investments securely.
"Web3 wallets are more than just a means of storing digital assets. They are a crucial element of the Web3 framework, enabling users to manage their finances directly," said Changpeng Zhao (‘CZ’), CEO, and Founder of Binance.
Binance designed the Web3 wallet with user experience as the topmost priority, aiming to make Web3 more accessible, user-friendly and easy for beginners and seasoned traders alike.
The main benefits of the Web3 Wallet include:
Unparalleled Simplicity: Built directly into the Binance mobile app, users can set up their Web3 Wallet within seconds. Multi-Party Computation (MPC), an advanced security technique, eliminates the need for users to manage or remember seed phrases without sacrificing security and self-custody benefits.
All-In-One Convenience:The Web3 Wallet makes it easy for users to earn interest on their assets and explore various dApps. Users can purchase cryptocurrencies, perform cross-chain trades, and access deep liquidity and low slippage rates.
Robust Security: The use of MPC technology ensures enhanced security by splitting a user's private keys into three smaller key-shares stored at different locations. This significantly reduces the risk of compromise. The Web3 Wallet also incorporates additional security features to alert users about potential security risks during transactions.
CZ emphasized the goal of bridging the gap between centralized and decentralized systems to drive Web3 adoption. "Binance’s Web3 Wallet lowers the barriers to entry for users to achieve full custody of their assets, serving as a convenient bridge towards DeFi empowerment. Our priority is to ensure users can explore Web3 within a user-friendly, secured environment."
Richard Teng, Head of Regional Markets at Binance, echoed these sentiments, "Our aim when designing our Web3 Wallet is to elevate the user's experience of Web3. We have incorporated MPC technology and Binance’s trusted security framework within Web3 Wallet to provide a secure entry point for exploring the Web3 universe."
Binance's Web3 Wallet was created in partnership with the team at Trust Wallet, using the same wallet technology layer services. However, Binance retains full control over its features, operations, and services. Binance's 24/7 Customer Support is available for users requiring assistance with the new Web3 Wallet.
