Binance has launched a new Web3 wallet service that simplifies and secures user engagement with Web3 technologies, such as DeFi and dApps, for its vast user base of over 140 million.
The crypto exchange announced this development at its ongoing Blockchain Week conference in Istanbul, Turkey, on Tuesday, November 8 2023.
The Web3 wallets are essentially self-custody wallets that provide customers with the tools to manage their digital assets securely. Users can access the service within the primary Binance app for a familiar and user-friendly interface since they already use it for trading cryptocurrencies.
The wallet also includes a range of features like token swapping, fund transfers, and the ability to earn yields on cryptocurrency holdings. It’s compatible with over 30 blockchain networks.
According to Binance, the wallet was developed with the Multi-Party Computation (MPC) technology. This technology divides a user’s private keys into three smaller parts, known as key shares. The purpose is to enhance security by spreading the risk and reducing the reliance on a single entity.
Binance’s move to release the wallet reflects a broader move within the cryptocurrency industry to make financial autonomy and blockchain-based services more accessible.
Changpeng “CZ” Zhao, CEO of Binance, reportedly described the motivation behind launching the service, stating:
“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.”
Recently, South Korea’s SK Telecom partnered with blockchain firm Aptos and Atomrigs Lab to develop a web3 wallet service for its customers. The telecom company, which has been actively involved in the web3 space, pointed out that the partnership is a move to expand its services in the sector to a wider audience. It also emphasized its commitment to delivering a seamless and secure web3 experience for its users.
Meanwhile, Binance has followed in the footsteps of OKX, which upgraded its Web3 wallet services with MPC technology in April 2023.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
