Binance Rolls Out a Web3 Crypto Wallet

Binance has recently announced the launch of a Web3 wallet through their mobile application. The expansion was announced by CEO Changpeng Zhao at the Binance Blockchain Week conference in Istanbul.

According to Zhao, crypto wallets serve as more than just storage for digital assets, but also play a crucial role in the Web3 infrastructure, enabling users to manage their finances.

The new wallet is integrated into the Binance trading app and uses multi-party computing (MPC) technology, which splits private keys into three parts and stores them on different servers.

This adds an extra layer of security, reducing the risk of wallet compromise and system vulnerability.

Richard Teng, the Regional Markets Manager for Binance, explained that the use of MPC technology eliminates the fear of losing one’s seed phrase.

However, if a user forgets their recovery password, loses their device, or deletes the app, they will not be able to regain access to their wallet.

Teng emphasized the company’s commitment to providing a secure ecosystem and assured customers that the wallet is integrated with Binance’s robust security infrastructure.

Binance also clarified that the Web3 wallet application is only available for users outside of the United States.