Binance Launches Web3 Wallet! A New Gateway to the Web3 Space for Millions of Users, Making Cross-chain Transactions Effortless

The cryptocurrency exchange Binance has announced the launch of the Binance Web3 Wallet. This product was officially unveiled 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.

Binance Web3 Wallet

Binance Web3 Wallet is a self-custodial 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 access various tokens across multiple networks at the best prices through a secure and streamlined process, explore various DApps, transfer funds quickly between exchanges and wallets, and earn profits using cryptocurrencies, all within a single reliable wallet.

Binance founder and CEO Changpeng Zhao, also known as CZ, mentioned, "The Web3 Wallet not only stores digital assets but is an essential part of the Web3 infrastructure, empowering individuals to achieve financial autonomy."

For most users, Web3 can be quite complex. The design of the Binance Web3 Wallet prioritizes user experience, aiming to enhance Web3 accessibility and make 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. Key advantages of the Web3 Wallet include:

Unparalleled simplicity: The Web3 Wallet is integrated directly into the Binance mobile app, allowing users to create and activate the Web3 Wallet within seconds. Seamless integration means users can access DApps and decentralized finance (DeFi) functions directly through the Binance interface without switching between platforms. The use of advanced technology like multi-party computation (MPC) eliminates the need for users to manage or remember mnemonic phrases, while maintaining security and the benefits of self-custody.

What are the Benefits of Binance Web3 Wallet?

• All-in-one convenience: The Web3 Wallet enhances accessibility, enabling users to efficiently utilize idle cryptocurrencies and earn rewards through digital assets. With a range of innovative financial and DeFi services, users can earn rewards through digital assets. The Binance Web3 Wallet also allows users to explore various DApps, use exchange trading functions with deep liquidity and low slippage for the best prices when purchasing cryptocurrencies, and access a service area for cross-chain transactions across multiple networks with just one click.
• Reliable security: Protecting users and assets is crucial. User private keys are split into three small parts called key shares using MPC technology. These key shares are stored in three different locations to reduce the risk of key theft and system vulnerabilities. As a self-custodial wallet, two of the three key shares are controlled by the user. The funds held in the wallet are only accessible by the user. The Web3 Wallet also includes enhanced security features such as error address protection and detection of malicious contracts, notifying users of tokens or blockchain addresses with security risks during transactions.

CZ added, "While we believe that Web3 can enhance financial freedom worldwide, the industry must continue to build tools to empower and protect users while reducing friction in usage. To drive the adoption of Web3, we must identify and bridge the gap between centralized and decentralized systems. The Binance Web3 Wallet lowers the entry barrier for users to fully self-custody their assets and serves as a significant convenience bridge for DeFi empowerment. Our primary goal remains to ensure that users can explore the Web3 in a user-friendly and secure environment."

Richard Teng, Binance's Regional Market Head, shared, "The overall goal of designing the Binance Web3 Wallet is to help enhance the current user experience in exploring Web3. We want users to feel confident that they are exploring the Web3 world within a reliable and protected ecosystem. This is why our Web3 Wallet incorporates MPC technology and Binance's trusted security infrastructure. Concerns about losing mnemonic phrases will no longer exist, allowing us to securely and smoothly provide an easy and safe entry for millions of users to explore the Web3 universe."

To ensure that users have a smooth experience using the newly launched Web3 Wallet, Binance's customer service is available at all times to assist with any questions or concerns.

The Binance Web3 Wallet is developed in collaboration with the Trust Wallet's product and engineering team and utilizes the same wallet technology layer services. However, Binance retains independent control over the functionality, operation, and services of the Web3 Wallet.