In the exciting development on 8th Nov, the leading cryptocurrency exchange, Binance, has announced the launch of a self-custodian web3 wallet for millions of users.
Binance’s Regional Markets Head, Richard Teng, unveiled the native web3 wallet during the Binance Blockchain Week held in Istanbul. The announcement shared that the wallet will be available to users from the exchange’s mobile application.
Through this launch, Binance enables a seamless bridge between CeFi and DeFi, which allows swift trading and swapping of tokens from different blockchain networks in one place.
“We want our users to be assured that they are interacting with Web3 within a secure and protected ecosystem.” Richard said while announcing the wallet. He added, “That is why we have incorporated MPC technology as well as Binance’s trusted security infrastructure within the Web3 Wallet.”
Multi-party computation (MPC) technology is an advanced security method that creates three key shares and stores them at three different locations. This way, it secures the wallet by needing at least one key share while essentially removing the need for a security key phrase.
Furthermore, the wallet offers an in-built risk alert, warning users against potential security breaches.
Binance, as a crypto conglomerate, is expanding further than just a crypto exchange, with it having a native blockchain network BNBChain, a recently launched layer 3 network opBNB, and now it adds the web3 wallet.