Billions of dollars are in cryptocurrency. But due to unreliable exchanges and wallets, this money is at the crosshairs of hackers and scammers. Crypto exchange Binance tried to solve this problem by creating the BNB Safe Wallet app. This multi-signature wallet with advanced cryptographic encryption is designed to keep users safe. BNB Safe allows you to create virtual "safes" protected by multiple key holders. It is also tightly integrated with BNB, the blockchain from Binance. In the review, we will find out what BNB Safe is, how it works, what are the pros and cons, and how to use it.
BNB Safe Wallet: What is it?
BNB Safe is an innovative multi-signature crypto wallet with advanced cryptography. Developed and supported by the Binance exchange.
The application allows users to comfortably and safely manage assets on the BNB (ex-BSC) blockchain.
Users of the app can create digital “safes.” Such safes require approval from several private key holders before performing operations. This is necessary to protect each safe from unauthorized access or tampering.
To configure permissions, set limits, or run pending transactions, the Gnosis protocol is used.
BNB Safe Wallet: which networks does it work with?
By default, BNB Safe works with tokens on the BNB Chain (Binance Smart Chain) and opBNB. The wallet is tightly integrated with both networks. Users get access to all the features of the Binance ecosystem.
BNB Safe Wallet: how does it work?
BNB Safe offers multi-signature to protect funds in safes. In the BNB Safe settings, users can set multiple owners with private keys to access the wallet. Users can set the minimum number of signatures to approve a transaction from a specific safe.
Example:
The safe has three owners - Alice, Bob and Carol. There is a signature requirement of 2. This means that any transaction requires approval from at least two owners. For example, Carol herself cannot approve her transaction. To do this, the transfer of tokens must be approved by Alice and Bob.
Safe owners can be either real people or automated smart contracts. All transactions from Safe are recorded on the Binance Smart Chain or opBNB.
Private keys are stored by Safe owners and encrypted on their devices. Binance does not store or manage keys.
BNB Safe can be integrated with other services. For example, sign transactions or view the balance through the MetaMask wallet.
BNB Safe Wallet: Pros and Cons
BNB Safe has various advantages and disadvantages that are worth considering.
pros
High security thanks to multi-signature and management settings.
Asset traceability.
User-friendly interface.
Tight integration with the Binance ecosystem and low fees.
Ability to link to MetaMask or other third party services.
Time delay to prevent fraud.
Support for advanced account structures such as threshold signatures.
Minuses
Assets remain dependent on the centralized exchange Binance.
Multisignature is technically difficult for beginners.
You need to fully trust the Binance platform and the owners of other keys.
No support.
Low liquidity compared to the Binance exchange.
Although BNB Safe offers advanced technology, users must weigh the pros and cons before choosing a wallet.
BNB Safe Wallet: how to use?
If you decide to use a wallet, then follow these steps:
Visit the BNB Safe website and click on “Create a BNB Safe Account”.
Name the safe and fill in the description.
Select the blockchain you want to use (Binance Smart Chain, opBNB or other).
Add owners to the safe - these can be other users or wallets/contracts.
Set the number of required confirmations for transactions.
Set up additional rules (limits, time delays, etc.).
Look through the safe.
Top up your balance via a secure address.
Connect an external wallet (MetaMask or another) and import a secure address.
Sign transactions from an external wallet to withdraw funds from the safe.
Use the BNB Safe dashboard to monitor transaction history, balances, owners.
Configure or add/remove owners when access requirements change
Remove the safe if necessary.
