News and Analytics

Binance unveils Web3 wallet
0

Binance unveils Web3 wallet

Nov 8, 2023

Digital asset exchange Binance has introduced a web3 wallet, providing users with an accessible means of self-custody. The web3 wallet, compatible with 30 blockchain networks and numerous decentralized applications (dApps), was unveiled at the Binance Blockchain Week Conference in Istanbul.

Binance CEO Changpeng Zhao emphasized the importance of offering users various options for storing digital assets and exploring Web3. The new web3 wallet will be integrated into the Binance App, and while it aims to provide a straightforward transition to alternative storage methods, it remains unclear whether a know-your-customer (KYC) requirement will be enforced for service use. Binance incorporates multi-party computation (MPC) to enhance security, splitting private keys into three parts to reduce risks. Users will hold two of these key shares, enhancing user confidence in a safe web3 environment.

Comments

Latest analytics

Exploring the Diverse...

Exploring the Diverse World of Non-Fungible Tokens

Blockchain Games:...

Blockchain Games: Hamster Kombat, Blum, and Other "Clickers"...

Show more

Latest Dapp Articles

Show more

You may also like