Binance cryptocurrency exchange has announced the launch of a Web3 wallet, which is available to users via the platform's mobile app.
The expansion was announced personally by the company's CEO Changpeng Zhao at the Binance Blockchain Week conference in Istanbul.
"Crypto wallets are more than just services for storing digital assets — they are an integral part of the Web3 infrastructure, giving people the opportunity to manage their finances independently," he added.
The utility runs in the main Binance trading application and uses multi-party computing (MPC) technology, which splits private keys into three parts and stores them on different servers.
Two of them are linked to the user's account, and the third is under the control of the exchange.
This method of encryption reduces the risk of "compromising the wallet and reduces the vulnerability of the system," the announcement says. According to Richard Teng, Binance's head of regional markets, MPC eliminates the fear of losing your seed phrase.
However, if a user forgets their recovery password, loses their device, or deletes the app, they won't be able to regain access, Teng noted.
"We want our customers to be confident that they are interacting with Web3 in a secure ecosystem. This is why we have integrated MPC technology, as well as Binance's robust security infrastructure, into the wallet."
Representatives of the company also clarified that the application is not available for users from the United States.
The attached documents state that the Binance wallet's terms of use are "governed by and interpreted in accordance with the laws of Hong Kong." At the same time, the company complies with anti-money laundering laws, so it intends to monitor transactions for terrorist financing, evasion of sanctions and suspicious activity, blocking unwanted transfers.
Following the launch of the Binance wallet, the native token of the exchange's Trust Wallet (TWT) also fell by 12% in a short time, according to CoinGecko. At the time of writing, the coin is trading at $1.46.
The expansion was announced personally by the company's CEO Changpeng Zhao at the Binance Blockchain Week conference in Istanbul.
"Crypto wallets are more than just services for storing digital assets — they are an integral part of the Web3 infrastructure, giving people the opportunity to manage their finances independently," he added.
The utility runs in the main Binance trading application and uses multi-party computing (MPC) technology, which splits private keys into three parts and stores them on different servers.
Two of them are linked to the user's account, and the third is under the control of the exchange.
This method of encryption reduces the risk of "compromising the wallet and reduces the vulnerability of the system," the announcement says. According to Richard Teng, Binance's head of regional markets, MPC eliminates the fear of losing your seed phrase.
However, if a user forgets their recovery password, loses their device, or deletes the app, they won't be able to regain access, Teng noted.
"We want our customers to be confident that they are interacting with Web3 in a secure ecosystem. This is why we have integrated MPC technology, as well as Binance's robust security infrastructure, into the wallet."
Representatives of the company also clarified that the application is not available for users from the United States.
The attached documents state that the Binance wallet's terms of use are "governed by and interpreted in accordance with the laws of Hong Kong." At the same time, the company complies with anti-money laundering laws, so it intends to monitor transactions for terrorist financing, evasion of sanctions and suspicious activity, blocking unwanted transfers.
Following the launch of the Binance wallet, the native token of the exchange's Trust Wallet (TWT) also fell by 12% in a short time, according to CoinGecko. At the time of writing, the coin is trading at $1.46.
