Binance launched its own cryptocurrency wallet

Cryptocurrency exchange Binance has announced the launch of Web3 Wallet, which is available to users via the platform’s mobile app.

The expansion was announced in person by the company’s CEO Changpeng Zhao at the Binance Blockchain Week conference in Istanbul.

Crypto wallet is more than just service for storing digital assets – it’s an integral part of the Web3 infrastructure, empowering people to manage their finances independently, he added.

The utility runs in Binance’s main trading app and uses multilateral computing (MPC) technology, which splits private keys into three parts and stores them on different servers.

Two of them are tied to the user’s account, while the third is under the control of the exchange.

This encryption method reduces the risk of “wallet compromise and reduces system vulnerability,” according to the announcement. According to Binance’s head of regional markets, Richard Teng, using MPC eliminates the fear of losing a cid-phrase.

However, if a user forgets their recovery password, loses their device or deletes the app, they won’t be able to regain access, Teng noted.

We want our customers to be confident that they are interacting with Web3 within a secure ecosystem. That’s why we have integrated MPC technology as well as Binance’s robust security infrastructure into the wallet, the top executive said.

The company representatives also clarified that the app is not available for US users.

The attached documents say that the terms of use of the Binance wallet are “governed by and interpreted in accordance with the laws of Hong Kong.” At the same time, the company complies with anti-money laundering laws, so it intends to monitor the transaction for terrorist financing, sanctions evasion and suspicious activity, blocking unwanted transfers.

Amid the launch of the Binance wallet, the native token of the also exchange-owned Trust Wallet (TWT) fell 12% in a short period of time, according to CoinGecko. At the time of writing, the coin is trading at $1.46.

Recall that the day before, the Binance Messenger page appeared in the App Store, the launch of which the company did not announce. Zhao explained that it is “a small internal application used for testing”.

Related Posts

Binance CEO Changpeng Zhao to plead guilty and step down from post

The CEO of crypto exchange Binance stepped down from post

After the FTX fiasco, the cryptocurrency industry is back in the spotlight as the founder and CEO of the world’s best crypto exchange Binance, Changpeng Zhao, has…

Leave a Reply

Your email address will not be published. Required fields are marked *