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Binance Unveils Full Self-Custody Web3 Wallet to ‘Lower Barriers of Entry’ and ‘Drive Adoption’

Binance, the global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume, has launched its new Web3 Wallet, to help millions of Binance users explore and experience Web3, without the risk of losing seed phrases or struggling with complicated onboarding processes.

The new Web3 Wallet was officially unveiled today during the company’s flagship Binance Blockchain Week conference in Istanbul. It aims to meet the demand for a simple, convenient and secure way to experience the world of Web3.

Serving as a digital gateway to Web3, Binance’s Web3 Wallet is a self-custody crypto wallet built within the Binance app. With this latest launch, users now have access to a secure and streamlined method to swap thousands of tokens across various networks at the best prices, explore a variety of decentralised applications (dApps), quickly transfer funds between exchange and wallet, earn yield on their crypto and more, all in one secure wallet.

Changpeng Zhao, CEO of Binance discusses new Web3 Wallet
Changpeng Zhao, CEO and founder of Binance

Changpeng Zhao, CEO and founder of Binance, explained the decision to launch the new wallet solution: “Web3 wallets represent more than just storing digital assets; they are an integral part of the Web3 framework, empowering individuals with the ability for self-sovereign finance.

“As much as we believe Web3 will improve the freedom of money around the world, our industry must continue to build tools that onboard and protect users while also reducing friction for them. To help drive Web3 adoption, we have to identify and plug the gaps between centralised and decentralised systems.

“Binance’s Web3 Wallet lowers the barriers of entry for users to achieve full self-custody of their assets and it is an important, convenient bridge towards DeFi empowerment. Ultimately, our priority is to ensure users can explore Web3 with us within a user-friendly and protected environment.”

Ensuring security

For most users, Web3 appears extremely complex. Binance’s new Web3 wallet is designed with user experience as a top priority, in an effort to make Web3 more accessible and easier for users to get started. Regardless of whether they are new to crypto or are already experienced traders, will find value in using Web3 Wallet. The main advantages of Web3 Wallet include:

Binance explained that the Web3 Wallet is built directly into the Binance mobile application, meaning users can create and activate their Web3 Wallet in seconds.

The use of Multi-Party Computation (MPC), an advanced security technique, also removes the need for users to manage or memorise seed phrases without compromising on the benefits of security and self-custody.

With MPC technology, a user’s private keys are broken into three smaller parts known as key-shares. Having the key-shares split across three different locations mitigates the risk of the keys being compromised and reduces the vulnerability of the system. Two out of the three key-shares are controlled by users, which is intentional as Web3 Wallet is self-custodial.

Funds held in the wallet are exclusively owned and accessible only by the user. Enhanced security features, such as wrong address protection and malicious contract detection, are also incorporated to notify users if a token or blockchain address carries a security risk at the time of the transaction.

Introducing ‘a secure and smooth entry point for millions of users’

Richard Teng, head of regional markets at Binance, also discussed the launch: “The overall aim when designing our Web3 Wallet is to help elevate the current user journey of experiencing Web3. We want our users to be assured that they are interacting with Web3 within a secure and protected ecosystem. That is why we have incorporated MPC technology as well as Binance’s trusted security infrastructure within the Web3 Wallet.

“The common stress of worrying about losing one’s seed phrase is removed, so that we can introduce a secure and smooth entry point for millions of users to safely and easily explore the Web3 universe.”

Author

  • Tom joined The Fintech Times in 2022 as part of the operations team; later joining the editorial team as a journalist.

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