2023-11-08 17:07:17
Binance, the world’s largest cryptocurrency exchange, announced the launch of its new Web3 wallet at the Binance Blockchain Week conference in Istanbul. The purpose of the self-custody cryptocurrency wallet (which will be available within the Binance app) is to offer users the opportunity to trade easily and securely, as well as to choose from various decentralized applications (dApps) and DeFi functions, Finbold revealed from its meaning. “In addition to storing digital assets, Web3 wallets are an integral part of the ecosystem and provide independent trading for users,” added Changpeng Zhao (CZ), CEO of Binance. The wallet is designed to simplify the complexity of Web3 and provide complete security – no matter how experienced traders are. In addition to dApps, they allow users to purchase cryptocurrencies and receive rewards through built-in services. The wallet uses the so-called Multi-Party Computation (MPC) technology to split users’ private keys into three smaller parts and store them in different locations. This simultaneously provides greater security and eliminates the need to memorize a randomly generated sequence of digits. It also offers enhanced security features such as detection of malicious contracts or wrong addresses. Richard Teng, Regional Head of Binance, said that when designing the wallet, care was taken to simplify entry into the industry for users to explore the Web3 universe safely and easily. Binance has confirmed that the wallet’s customer support will be available to users 24 hours a day. Our related articles:
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