The world’s largest cryptocurrency exchange – Binance – announced the launch of its Web3 wallet to allow millions of users to “explore and experience” the sector “without the risk of losing seed phrases or struggling with complicated onboarding processes.”
The product is a self-custody wallet built within the platform’s application.
- The company made the announcement during its flagship Binance Blockchain Week conference in Istanbul.
- The Web3 wallet enables customers to swap thousands of cryptocurrencies across 30+ networks, explore various decentralized applications (dApps), conduct quick transfer funds, earn a yield on their holdings, and more.
“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,” said Changpeng Zhao (CZ) – CEO of Binance.
- The product is built directly into the exchange’s mobile application, allowing users to activate it in seconds. It offers maximum security, employing MPC technology that breaks a user’s private keys into three smaller parts known as key-shares.
- Richard Teng – Head of Regional Markets at Binance – said the main goal of the wallet is “to help elevate the current user journey of experiencing Web3.”
“We want our users to be assured that they are interacting with Web3 within a secure and protected ecosystem. That is why we have incorporated MPC technology as well as Binance’s trusted security infrastructure within the Web3 Wallet,” he added.