Binance has launched its own Web3 Wallet in an effort to provide its customers with a one-stop shop for all things crypto on the Binance platform.
While the Binance Web3 Wallet is fully prepared for public utilization, CEO Changpeng ‘CZ’ Zhao invites users to provide valuable feedback regarding their product experience, which can greatly contribute to ongoing enhancements.
#Binance is now your one app for all things Web3.
Our new Web3 Wallet lets you connect DeFi to CeFi in one click.
Try it and let us know what you think.
?https://t.co/OoxJUABjzU pic.twitter.com/rK3ukNCy8l
— CZ ? Binance (@cz_binance) November 8, 2023
Overview of the Binance Web3 Wallet
With accessibility open to all eligible Binance users, the Web3 Wallet is designed for convenience, creating a simple pathway to connect between DeFi and CeFi with a few clicks. Per the terms of use of the new wallet, there are seven distinct functions associated with it.
The wallet permits the receipt and storage of cryptocurrencies as well as Non-Fungible Tokens (NFTs). With the Web3 Wallet, the wide array of supported crypto can be transferred to and from the Binance spot wallet to the Web3 version.Â
As a major complement to the diversity in the industry, the wallet can also support the movement of tokens to external users. This underscores Binance’s major role in the industry as it has a rich history of supporting mega token transfers, per varying reports from The Crypto Basic.Â
In addition, users can connect the Web3 Wallet to other supported blockchains, a function that places it on par with non-custodial wallets such as MetaMask and Trust Wallet. The new wallet has a swap function for exchanging tokens while enabling users to take advantage of yield-generating offerings from third parties.
By its design and permissions, users can connect to DApps beyond the Binance ecosystem, bolstering the support for diversity and interoperability that characterizes the industry.
A Unique Approach
While designed as a full-fledged Web3 Wallet, the product has a unique difference: the absence of private keys as it uses MPC Technology.Â
This offers an added layer of comfort as users will not need to worry about losing their private keys, a calamity that has caused one Ethereum ICO participant, Rain Lohtus, almost $450 million worth of ETH in lock due to a lost private key.
Despite its broad support for various assets, Bitcoin (BTC) is currently not supported. However, users can utilize any of the 37 public blockchains it currently supports. These include 24 EVM-compatible chains and 13 Cosmos chains.Â
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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