Binance Introduces Web3 Wallet Within Its App
The introduction of Binance’s new Web3 wallet was revealed on November 8 at the Binance Blockchain Week conference in Istanbul.
According to the most recent information shared with Finbold by the cryptocurrency exchange, the new self-custody wallet is built within the Binance app and is intended to provide its users with a simple and secure way to earn yield on their cryptocurrency, swap thousands of tokens across 30+ networks, transfer funds between the exchange and the wallet, and investigate a wide range of dApps.
Binance’s CEO and founder, Changpeng Zhao (‘CZ,’ for short), shared his thoughts on the news: “Web3 wallets represent more than simply holding digital assets; they are a vital aspect of the Web3 platform, providing users with the opportunity for self-sovereign banking.”
There are three major benefits to the new Binance wallet: “In an effort to simplify Web3, Binance has developed a Web3 wallet. Therefore, it has been developed to provide its users (no matter their level of expertise in cryptocurrency trading) with the highest levels of use, accessibility, and safety imaginable.”
Users may create and activate the wallet in a matter of seconds inside the Binance mobile app, allowing them instantaneous access to dApps and DeFi capabilities.
In addition, it provides users with a centralized location from which to discover and access a wide range of decentralized applications (dApps), make cryptocurrency exchanges (via the Swap feature), and reap the benefits of their digital assets (via the Earn and DeFi features).
Furthermore, the wallet use Multi-Party Computation (MPC) technology to divide the user’s private keys into three equal pieces (key-shares) and store them in three separate places. This reduces the likelihood of their compromise and frees users from having to keep track of and remember seed words.
The wallet also has additional security features including protection against entering the incorrect address and detection of deceptive contracts.
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