Binance, the world’s largest cryptocurrency exchange, introduces its Web3 wallet during the Binance Blockchain Week 2023 in Istanbul. This self-custody wallet offers users seamless access to decentralized applications and secure management of digital assets.
Binance, the global cryptocurrency giant, has unveiled its Web3 wallet at the Binance Blockchain Week 2023 in Istanbul. This innovative self-custody wallet is integrated directly into the Binance mobile application, providing users with a secure and convenient way to interact with Web3 technologies.
The Web3 wallet empowers users to explore a wide array of decentralized applications (dApps), transfer funds swiftly, and even earn yields on their digital assets. Notably, it allows for the seamless swapping of thousands of cryptocurrencies across more than 30 networks. Changpeng Zhao (CZ), CEO of Binance, emphasized that Web3 wallets are not just about storing digital assets; they are a fundamental component of the Web3 ecosystem, offering individuals self-sovereign financial control.
One key feature enhancing security is the employment of Multi-Party Computation (MPC) technology. This method splits a user’s private keys into three key-shares, ensuring maximum protection. Richard Teng, Head of Regional Markets at Binance, underlined the wallet’s commitment to enhancing the user experience in the Web3 space, prioritizing security and seamless functionality.