What is Binance Web3 Wallet?
Binance Web3 Wallet is a self-custody cryptocurrency wallet integrated directly into the Binance app. The wallet allows users to self-custody their cryptocurrency, perform cross-chain token swaps, earn yield, and interact with multiple blockchain platforms.
Binance Web3 Wallet uses MPC technology, creating 3 independent key-shares and stored in different locations, including devices and cloud storage. This eliminates the traditional method of storing seed phrases in one location, reducing the risk of compromise and loss to users.
In addition, to emphasize user control and commitment to self-management, the wallet also provides an “Emergency Export” function, allowing users to export their keys in necessary cases.
Binance Web3 Wallet has the following advantages:
Simple: Binance Web3 Wallet allows users to quickly create wallets directly on the Binance app without having to store seed phrases or private keys.
Convenience: Binance Web3 Wallet is integrated with Binance Bridge and other providers, allowing users to swap tokens between different chains easily and at better prices.
Security: Binance Web3 Wallet uses MPC (Multi-Party Compute) technology to govern every transaction and minimize errors, ensuring that users' assets are in SAFU (Security Asset Fund for user).
Self-management: Binance Web3 Wallet creates 3 independent key-shares, stored separately in locations including the cloud and the user's personal device. To access the wallet, users must provide at least 2 out of 3 key-shares. This mechanism promises to give users complete control over their wallets.
