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Binance announced the debut of its own Web3 Wallet which is integrated into its Binance app. This could be used for cryptocurrency trading and will be accessible to the 150 million users of the crypto exchange’s app.
Binance unveiled its new Web3 wallet during the two-day Binance Blockchain Week 2023, a conference held from Wednesday, Nov. 8 to Thursday, Nov. 9 in Istanbul, Turkey. The digital wallet operates by using multiparty computation (MPC) which is typically employed to split users’ private keys into three smaller segments called the key shares.
Purpose of the New Binance Digital Wallet
According to CoinTelegraph, during the event, the company’s chief, Changpeng “CZ” Zhao, explained that they launched the new service because “Web3 wallets represent more than just storing digital assets - they are an integral part of the Web3 framework, empowering individuals with the ability for self-sovereign finance.”
Binance’s head of regional markets, Richard Teng, further explained in a press release, "The overall aim when designing our Web3 Wallet is to help elevate the current user journey of experiencing Web3. We want our users to be assured that they are interacting with Web3 within a secure and protected ecosystem that is why we have incorporated MPC technology as well as Binance's trusted security infrastructure within the Web3 Wallet.”
Moreover, to make the wallet easy to use and access, Binance simply launched it within its primary app. For security, two of the three key shares are consistently controlled by the user, enabling self-custody. Then again, the Binance Web3 Wallet is currently not available to users in the United States since Binance.com is not accessible in the country.
Trust Wallet's TWT Token Drops After Binance Web3 Wallet Launch
Meanwhile, CoinDesk reported that Trust Wallet’s TWT native token dropped by seven percent after its parent company, Binance, introduced its brand of digital wallet for crypto trading. The token is reportedly trading now at $1.49, exhibiting a 7% decline in the last 24 hours.
Binance acquired Trust Wallet in 2018 and the deal included cash and BNB tokens which at that time was worth $14.80 and trading at $244 today.
Photo by: Kanchanara/Unsplash
