Binance launches self-custody crypto wallet built into its app

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Binance, the largest crypto exchange platform by trading volume, has announced the integration of a Web3 self-custody crypto wallet into the Binance app.

Self-custodial wallet announced

During the ongoing Binance Blockchain Week conference in Istanbul, the launch of a Web3 self-custody wallet was officially announced. The new wallet is integrated into the existing Binance app and will enable users to explore the Web3 world in a more secure way.

According to the press release on the subject, the self-custody Web3 wallet allows users to swap thousands of tokens across various networks, utilise dApps, and earn yield, all within the same wallet.

CZ, the CEO and founder of Binance said of the wallet’s integration:

“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,”

Advantages of the wallet

The press release went on to describe the advantages of such a wallet for users, explaining that it can be set up within the Binance app extremely quickly and simply. Also, Multi-Party computation negates the necessity for users to remember their seed phrases.

Earn and DeFi utilities within the wallet allow users to get rewards for holding their crypto. This utility is allied with the ability to explore different dApps, and buy and sell digital assets at the click of a button, while taking advantage of low slippage and deep liquidity.

In order to greatly enhance security, users’ private keys are split into three “key shares”, with two held by the user which means they are complete owners of their crypto and the only ones able to access their assets.

Prioritising Web3 access

CZ went on to describe how secure Web3 access to all users is a priority. He stated:

“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. Ultimately, our priority is to ensure users can explore Web3 with us within a user-friendly and protected environment.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.