The world’s largest cryptocurrency exchange – Binance – announced the launch of a Web3 wallet to allow millions of users to “explore and experience” the sector “without the risk of losing the seed phrase or encountering difficulties.” Difficulty with complex login processes.
This product is a self-managed wallet built into the platform’s app.
The company made this announcement during the flagship Binance Blockchain Week conference in Istanbul.
Web3 Wallet allows customers to exchange thousands of cryptocurrencies across 30+ networks, explore many decentralized applications (dApps), make quick transfers, earn profits on their holdings, etc.
“Web3 Wallet represents more than just digital asset storage; they are an integral part of the Web3 framework, empowering individuals with financial independence,” said Changpeng Zhao (CZ), CEO of Binance.
The product is directly integrated into the exchange’s mobile app, allowing users to activate it in seconds. It provides maximum security, using MPC technology to divide the user’s private key into three smaller parts called key shares.
Richard Teng – Regional Market Manager at Binance – said the main goal of the wallet is to “help enhance the Web3 experience journey of existing users”.
“We want our users to be assured that they are interacting with Web3 in a safe and protected ecosystem. That’s why we’ve incorporated MPC technology as well as Binance’s trusted security infrastructure in the Web3 Wallet.
