The world’s largest cryptocurrency exchange, Binance, has unveiled its Web3 wallet, aiming to provide millions of users with a hassle-free way to explore and engage in the cryptocurrency sector. The wallet is designed to eliminate concerns about losing seed phrases and the complexities of onboarding.
This self-custody wallet is seamlessly integrated into Binance’s application, offering an array of features. Users can swap a multitude of cryptocurrencies across over 30 networks, access diverse decentralized applications (dApps), perform swift fund transfers, generate yields on their holdings, and more.
Binance made this announcement at its flagship Binance Blockchain Week conference in Istanbul.
Binance CEO Emphasizes Web3 Wallet’s Significance
Changpeng Zhao (CZ), CEO of Binance, highlighted the importance of Web3 wallets, emphasizing that they encompass more than merely storing digital assets. These wallets are integral components of the Web3 framework, granting individuals the power of self-sovereign finance.
The Web3 wallet is seamlessly integrated into Binance’s mobile application, ensuring swift activation within seconds. It places paramount importance on security by implementing Multi-Party Computation (MPC) technology, which divides a user’s private keys into three smaller parts known as key-shares.
Richard Teng, Head of Regional Markets at Binance, expressed that the primary objective of the wallet is to enhance the user experience in the realm of Web3. The focus is on providing users with a secure and protected environment for interacting with Web3, accomplished through the incorporation of MPC technology and Binance’s trusted security infrastructure within the Web3 Wallet.
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