[NEWS] Binance launches self-custody cryptocurrency wallet "Binance Web3 Wallet"

On the 8th, major cryptocurrency exchange Binance officially announced the self-custody cryptocurrency wallet "Binance Web3 Wallet".

This was announced during the conference "Binance Blockchain Week" held in Istanbul.

Binance's new cryptocurrency wallet will be directly integrated into the Binance mobile app and will be available to all Binance users.

Binance CEO CZ (Changpeng Zhao) said, "Binance Web3 Wallet is not just a way to store digital assets, it is an essential part of the Web 3.0 space," and will give individuals the ability to self-sovereign finance.

For many users, Web 3.0 is complicated and difficult to get into. Binance Web3 Wallet is built directly into the Binance mobile application, allowing users to quickly create and use a Web 3.0 wallet.

Seamless integration allows users to access dApps and DeFi features directly within the Binance interface without having to switch between platforms.

In addition, the advanced security technology Multi-Party Computation (MPC) eliminates the need for users to manage or memorize seed phrases without compromising the security and benefits of self-custody.

In MPC, the user's private key is split into three smaller parts called key shares. Two of the three key shares are controlled by the wallet owner. Funds held in the wallet are exclusively owned and accessible only to the user.

Other enhanced security features are also built in, such as protection of incorrect addresses and detection of malicious transactions.

CZ said that it is necessary to continue developing tools to guide and protect users while reducing the burden on them, adding that "to promote the adoption of Web 3.0, we need to identify and fill the gap between centralized and decentralized systems."

The Binance Web3 Wallet lowers the barrier of entry for users to self-custody their assets, and is an important and convenient bridge towards DeFi empowerment.

Development is being carried out in partnership with Trust Wallet's product and engineering teams.

Reference:Announcement
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