Binance’s Web3 wallet will be available within the main Binance app. It enables users to access multiple blockchains, store crypto assets, and explore dApps.
The crypto exchange Binance introduced its new product – Web3 Wallet – that enables users to transfer funds between exchange and wallet, supporting CeFi, DeFi, and Web3 applications.
The wallet allows bridging assets between multiple blockchains and trading thousands of supported tokens across various networks. Binance Bridge and other DEXs power this function.
As for the security measures, the new Web3 wallet uses the multiparty computation (MPC) method, which breaks a user’s private keys into three smaller parts – key shares. Users themselves control two of the three key shares. That allows for self-custody, while also removing the threat of losing the seed phrase. At the same time, a higher degree of self-custody here combines with reliance on Binance’s trusted security infrastructure.
All three key shares are stored in three different places — one remains with Binance, the second part is on the user’s mobile phone and the third one gets encrypted by the user’s recovery password. The latter is backed up to the customer’s cloud storage e.g. iCloud or Google Drive.
Among other features of the Binance Web3 wallet, there’s an ability to earn yields by crypto staking or lending, risk control alerts warning about security risks, such as wrong address protection or malicious contract detection, and an ability to restore your Web3 Wallet when using a new device.
Connecting the worlds of CeFi, DeFi, and Web3, Binance Web3 Wallet continues the company’s efforts to create a seamless integration between crypto and traditional financial systems represented by Binance Visa Card.
