November 8, 2023 – Binance, the world’s leading blockchain ecosystem and virtual asset exchange, is excited to announce the launch of the Binance Web3 Wallet. This product was officially introduced today at Binance’s flagship event, Istanbul Binance Blockchain Week, with the aim of meeting the needs for a simple, convenient, and secure experience in the Web3 world. Millions of Binance users can now explore and experience Web3 without the risk of losing mnemonic phrases or being trapped in complex registration processes.
The Binance Web3 Wallet is a self-custody cryptocurrency wallet built into the Binance App, serving as a digital gateway to Web3. With the launch of the Web3 Wallet, users can now seamlessly cross multiple network exchanges with thousands of tokens at the best prices through a secure and simplified process, explore various DApps, transfer funds quickly between exchanges and wallets, earn profits using cryptocurrencies, all within a single reliable wallet.
Binance Founder and CEO Changpeng Zhao (CZ) stated:
“For most users, Web3 can be quite complex. The design of the Binance Web3 Wallet prioritizes user experience and aims to improve Web3 accessibility, making it easier for users to get started. Whether users are new to cryptocurrencies or have significant trading experience, they can discover the value brought by the Web3 Wallet. The main advantages of the Web3 Wallet include:
Unparalleled simplicity: The Web3 Wallet is built directly into the Binance mobile app, allowing users to create and activate the Web3 Wallet in seconds. Seamless integration means users can directly access DApps and decentralized finance (DeFi) functions through the Binance interface without switching platforms. The use of advanced Multi-Party Computation (MPC) technology eliminates the need for users to manage or remember mnemonic phrases, while maintaining security and the benefits of self-custody.
One-stop convenience: With the Web3 Wallet, accessibility is enhanced, allowing users to efficiently utilize idle cryptocurrencies and earn rewards through digital assets. The Web3 Wallet offers a range of innovative financial and DeFi services, enabling users to explore multiple DApps with a single click, use exchange trading features with deep liquidity and low slippage for the best prices, and access a service area for cross-chain transactions on various networks.
Reliable security: Protecting users and assets is crucial. User private keys are divided into three small parts called key shares using MPC technology. Storing the key shares in three different locations reduces the risk of key theft and system vulnerabilities. As the Web3 Wallet is a self-custody wallet, two of the three key shares are controlled by the user. The funds held in the wallet are only accessible and controlled by the user. The Web3 Wallet also includes enhanced security features such as error address protection and malicious contract detection, notifying users of tokens or blockchain addresses with security risks during transactions.
CZ added:
Richard Teng, Binance’s Regional Market Head, also shared:
The Binance Web3 Wallet is developed in collaboration with Trust Wallet’s product and engineering teams, utilizing the same wallet technology layer services. However, Binance retains independent control over the functionality, operations, and services of the Web3 Wallet.
To ensure users have a smooth experience using the newly launched Web3 Wallet, Binance’s customer service is available at all times to assist with any doubts or issues.
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