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Binance launches first ever self-custodial, in-app Web3 wallet

The self-custodial wallet is designed to be user-friendly as possible, plugging the gaps between centralised and decentralised systems.

Binance, the world’s largest crypto exchange, has launched its first ever in-app Web3 wallet, the company announced today at the Binance Blockchain Week conference in Istanbul.

The wallet is self-custodial, giving users exclusive control and ownership of their assets.

“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,” said Changpeng Zhao (‘CZ’), CEO and Founder of Binance.

Through the app, users can swap tokens, access decentralised apps, transfer funds and even earn yields on their crypto through Binance Earn and a range of other DeFi services directly from the mobile app.

The wallet is designed primarily to be easy to use with “all-in-one convenience”, the press release outlines. To simplify the process of engaging with Web3, the wallet uses Multi-Party Computation (MPC), removing the need for users to manage or memorise seed phrases.

Aside from MPC, the app has other enhanced security features, such as wrong address protection and malicious contract detection. The app will also notify users if a token or blockchain address carries a security risk at the time of the transaction.

Related: Binance bounces back in Europe with new fiat partners

CZ said, “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 centralized and decentralized 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,” he added.

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions. 

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