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Crypto Exchange Binance Unveils Its Self-custody Web3 Wallet

Twitter icon  •  Published il y a 5 mois  •  Hassan Maishera

Cryptocurrency exchange Binance has announced the launch of its Web3 wallet, allowing users to access DeFi services like staking, lending, and borrowing.

TL;DR

  • Binance has launched its first-ever self-custody Web3 wallet.

  • Users can download and access the wallet via the Binance app.

Binance Launches Its Self-custody Web3 Wallet

Cryptocurrency exchange Binance launched its first-ever Web3 wallet on Wednesday, enabling users to interact with the decentralized finance (DeFi) ecosystem.

According to the cryptocurrency exchange, the wallet works across 30 blockchain networks. The product was unveiled at the Binance Blockchain Week conference in Istanbul.

While announcing this product, CEO Changpeng 'CZ' Zhao said,

"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."

The cryptocurrency exchange’s Web3 wallet is set to compete with industry giants MetaMask and Trust Wallet. Trust Wallet was acquired by Binance in 2018. 

According to the crypto exchange, the new wallet leverages Trust Wallet's Wallet as a Service (WaaS) technology, which was also announced on Wednesday. The Web3 wallet and Trust Wallet’s Wallet as a Service (WaaS) technology are designed to make it easier for companies to enter the Web3 ecosystem. WaaS makes it easier for companies to introduce Web3 wallets by offering a range of services including asset management and cross-chain transfers.

Binance joins competitors like Coinbase and OKX in launching a Web3 wallet. Binance’s Web3 wallet can be created via the Binance mobile app and will offer DeFi services like staking, lending and borrowing.

The cryptocurrency wants to ensure a high level of security for its Web3 wallet thanks to the introduction of multi-party computation (MPC). MPC eliminates the need for users to memorize seed phrases without compromising the benefits of security and self-custody. 

The security feature involves a private key being broken up into three parts called key shares, with two of the three key shares being controlled by the wallet owner.

CZ highlighted that the primary aim is to ensure users can explore Web3 with Binance within a user-friendly and protected environment.

Binance’s BNB token is up by more than 1% in the last 24 hours and is currently trading at $249 per coin.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.