The world’s largest crypto exchange by trading volume, Binance, has launched its web3 wallet today. The cryptocurrency exchange made the unveiling today via an official blog post. In the blog post, the crypto exchange described the wallet as a pathway to web3, stating that it contains a “curated list of decentralized applications.Â
According to Binance, the newly launched wallet is equipped with notable features that will aid in breaking down barriers to entry for the web3 ecosystem. As revealed, the wallet allows users to seamlessly transit between CeFI and DeFi in no time. The easy transition according to the prominent exchange is due to how the wallet is directly integrated with the Binance app.
Features of Binance Web3 Wallet
In the announcement, the crypto exchange established that the web3 wallet is simple to use. As announced the wallet doesn’t require a 12 seed phrase, instead, it uses a multi-party computation (MPC) technology. Furthermore, the MPC technology aids users in creating three separately stored ‘key-shares’ rather than a single seed phrase. Leveraging this technology, users can store their three key shares in places like their personal cloud storage or devices.
Similarly, the Binance web3 wallet has an in-built risk control system. The system alerts users of potential security risks relating to illicit addresses and fraudulent contract activities. In the blog post, the crypto exchange revealed that the web3 wallet allows users to earn yields on their holdings through staking, lending, and other financial instruments.
Meanwhile, the exchange indicated that the newly launched initiative allows smooth movement of funds between the user’s Binance account and the web3 wallet. Also, the exchange disclosed that a web3 wallet is integrated with the Binance Bridge. The integration according to the blog post allows users to transfer assets between chains at a great price. Consequently, the exchange illustrated that users will no longer have to use numerous platforms or compromise on value when swapping their assets.
Additionally, the new Binance web3 wallet comes with a self custody feature. This feature allows users to be in full control of their assets, eliminating the interference of a third party. Despite enjoying exclusive access to their assets, Binance explained that users may lose their assets if they no longer remember their password or have access to their devices.
Side note on Binance
The latest initiative from Binance further confirms the status of the exchange as a force to reckon with. Away from the web3 landscape, the crypto exchange in recent times has focused heavily on making the industry a safer place for investors. The exchange has collaborated with top security agencies across the globe to tackle crypto crimes.
Recently, the exchange partnered with law enforcement agencies in Thailand and Taiwan to combat the illegal use of cryptocurrency. The partnership with enforcement agencies underlines the commitment of Binance to push for the global adoption of cryptocurrency.