Binance announced the official launch of the Binance Web3 Wallet at Binance Blockchain Week in Istanbul.

Binance Web3 Wallet serves as a gateway to Web3, providing a self-custodial crypto wallet built in the Binance application. This new product allows users to securely exchange thousands of tokens on various networks, explore a range of decentralized applications (dApps), quickly transfer funds between exchanges and wallets, and securely earn returns on crypto investments.

“Web3 wallets are more than just a means to store digital assets. They are an essential component of the Web3 framework, enabling users to directly manage their finances,” said Binance founder and CEO Changpeng Zhao (CZ).

Binance puts user experience at the top of its priority list when designing the Web3 wallet, aiming to make Web3 more accessible, user-friendly, and easy to use for both beginners and experienced traders. The Binance Web3 wallet also uses MPC (Multi-Party Computation) technology, which is a cryptography-based enhanced security mechanism. It subverts the traditional private key storage method, eliminating the need to store private keys in a single location, thereby reducing the risk of private key leakage and reducing system vulnerabilities.