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.
