Binance Launches Self-Custody Wallet for Web3
In an amazing development, Binance recognized as the world’s largest cryptocurrency exchange in terms of volume, has introduced a self-custody wallet seamlessly integrated into its native app.
The revelation unfolded at the Binance Blockchain Week conference held in Istanbul, Turkey, as conveyed in an official statement by the company. Binance emphasized that this innovative self-custody wallet offers millions of its users the opportunity to delve into the realm of web3 without the inherent risks associated with losing seed phrases or grappling with intricate onboarding processes.
Binance envisions its customer base utilizing the wallet to effortlessly “swap thousands of tokens” across more than 30 networks, explore decentralized applications, conduct seamless fund transfers between the exchange and the wallet, and capitalize on earning yields on their digital assets.
Founder Changpeng Zhao expressed, “To help drive web3 adoption, we have to identify and plug the gaps between centralized and decentralized systems. Binance’s web3 Wallet lowers the barriers of entry for users to achieve full self-custody of their assets.”
Implementing MPC for Robust Security
Binance detailed in its statement that the wallet boasts “robust” security, leveraging multi-party computation (MPC) technology. The user’s private keys undergo fragmentation into three smaller parts known as key shares, strategically placed in different locations. This approach mitigates the risk of key compromise and enhances the overall system’s resilience. Binance emphasized that funds held in the wallet are exclusively owned and accessible solely by the user.
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