Binance unveils Web3 Wallet, simplifying decentralised app and token exchange exploration for millions of users on a secure platform.
With the goal of enabling millions of Binance users to explore and experience Web3, without having to worry about losing seed phrases or enduring difficult onboarding procedures, Binance, the global blockchain ecosystem that powers the biggest cryptocurrency exchange in the world based on trading volume, has released its new Web3 Wallet.
At today’s official launch of the new Web3 Wallet, the business held its annual Binance Blockchain Week conference in Istanbul. It attempts to satisfy the need for an easy, practical, and safe approach to explore the Web3 environment.
Binance’s Web3 Wallet is a self-custody cryptocurrency wallet integrated into the Binance app that acts as a digital gateway to Web3. With the most recent release, users can now exchange thousands of tokens across multiple networks at the best prices, explore a wide range of decentralised applications (dApps), transfer money between exchanges and wallets fast, earn yield on their cryptocurrency, and much more—all from the comfort of a single, secure wallet.
“Web3 wallets represent more than just storing digital assets; they are an integral part of the Web3 framework, empowering individuals with self-sovereign finance,” stated Binance CEO and founder Changpeng Zhao.
We believe Web3 will increase financial independence worldwide, but our sector must continue to develop solutions that safeguard and onboard people while minimising friction. To promote Web 3, we must find and close the gaps between centralised and decentralised services.
“Binance’s Web3 Wallet is a crucial, practical step towards DeFi empowerment as it lowers entrance barriers and allows people to attain complete self-custody of their assets. Our main goal is to make sure consumers can explore Web3 with us in a safe and user-friendly setting.
Maintaining Safety
Most consumers find Web3 to be very complicated. In an attempt to make Web3 more approachable and simpler for customers to get started, Binance’s new Web3 wallet prioritises the user experience. Users of Web3 Wallet, regardless of skill level with cryptocurrencies, will find benefits from using it. The following are Web3 Wallet’s primary benefits:
According to Binance, users may quickly create and activate their Web3 Wallet because it is integrated right into the Binance mobile application.
Without sacrificing the advantages of security and self-custody, the adoption of Multi-Party Computation (MPC), an advanced security technology, also eliminates the need for users to manage or memorise seed words.
A user’s private keys are divided into three smaller pieces, or key-shares, using MPC technology. The system’s vulnerability is decreased and the chance of the keys being compromised is reduced by distributing the key-shares among three distinct locations. Because Web3 Wallet is self-custodial, users intentionally own two of the three key-shares.
Only the user has sole ownership and access to the funds kept in the wallet. To alert users when a token or blockchain address poses a security risk during a transaction, enhanced security capabilities like malicious contract detection and wrong address protection are also included.
“A safe and easy entry point for millions of users” is being introduced
The launch was also addressed by Binance’s head of regional markets, Richard Teng, who stated, “Our overall goal in designing our Web3 Wallet is to help elevate the current user journey of experiencing Web3.” We want our consumers to feel comfortable knowing that they are engaging with Web3 within a safe and secure environment. For this reason, the Web3 Wallet now includes both MPC technology and Binance’s reliable security architecture.
“We have eliminated the common anxiety associated with misplacing one’s seed phrase, enabling millions of users to explore the Web3 universe in a safe and seamless manner.”
