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Binance Rolls Out Its First Ever Self-Custody Web3 Wallet
Users can download and access the wallet through Binance's app.
Updated Nov 9, 2023, 12:49 p.m. Published Nov 8, 2023, 7:30 a.m.
Cryptocurrency exchange Binance has released a Web3 wallet that can be used to interact with the decentralized finance (DeFi) ecosystem.
The new product, which will work across 30 blockchain networks, was announced at the Binance Blockchain Week conference in Istanbul.
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"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," CEO Changpeng 'CZ' Zhao said.
Binance's Web3 wallet will compete with the likes of MetaMask and Trust Wallet, the latter of which was acquired by Binance in 2018. Binance listed a futures market for TrustWallet's native token [TWT] earlier this week. The TWT price slid after the announcement, taking the 24-hour change to a 7% drop.
The new wallet uses Trust Wallet's Wallet as a Service (WaaS) technology, also announced today. That product is intended to shorten the development time for companies looking to introduce Web3 wallets by offering a range of services including asset management and cross-chain transfers.
Other competing centralized exchanges, such as Coinbase and OKX, also have Web3 wallets.
Users can create a wallet through Binance's mobile app, which will also serve as the venue for DeFi activities like staking, lending and borrowing. A Binance spokesperson told CoinDesk that users are required to complete KYC to access the wallet.
Web3 wallets are common targets for hackers and exploiters, as once a private key is obtained by a hacker, all funds can be irreversibly drained.
Binance hopes to remedy that with multi-party computation (MPC), which removes the need for users to memorize seed phrases without compromising the benefits of security and self-custody. MPC involves a private key being broken up into three parts called key shares, with two of the three key shares being controlled by the wallet owner.
"Ultimately, our priority is to ensure users can explore Web3 with us within a user-friendly and protected environment,” CZ added.
UPDATE (Nov. 8, 10:00 UTC): Adds TWT token price in fourth paragraph.
UPDATE (Nov. 8, 14:45 UTC): Adds Trust Wallet's Wallet as a Service technology in fifth paragraph.
UPDATE (Nov. 9,12:48 UTC): Adds quote on KYC.
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