Key Points
- Binance crypto exchange has launched a Binance Web3 wallet for its 150 M registered users.
- The Binance Web3 Wallet has been launched within the primary Binance app and is predominantly used for trading cryptocurrencies.
Binance has announced the launch of the Binance Web3 Wallet, which will be used for crypto trading and be harbored in the main Binance trading App.
Binance excites its users with a new Web3 solution
The new wallet was introduced at the Binance Blockchain Week conference in Istanbul and is set to be made available to all users via the official international platform for the exchange. During the launch, CEO Changpeng Zhao explained that the exchange is tapping into the innovation as Web3 wallets represent more than just the storage of digital assets as they empire sovereignty of personal finances.
“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.”
According to the released notes on the innovation, the application utilizes a multi-party computation mechanism (MPC), which is used to break the user’s private keys into three smaller parts called Key shares. Two of the keys are controlled by the user at all times, allowing for self-custody.
The three shares of the keys will be held at three different places, with the first one being held with Binance, the second part stored locally on the user’s mobile phone and the third being encrypted by the user’s recovery password and backed up to their personal cloud storages like iCloud or Google Drive.
The announcement explains that having the keys split across three different locations reduces the chances of vulnerability and mitigates the possibility of the keys falling into the hands of third parties.
According to the head of regional markets at Binance, Richard Teng, the MPC technology removes fears of losing the seed phrase.
“We want our users to be assured that they interact with Web3 within a secure and protected ecosystem. That is why we have incorporated MPC technology and Binance’s trusted security infrastructure within the Web3 Wallet,” Teng said.
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