Binance is known as the largest crypto exchange by market cap in the world. The platform has over 120 million users from across the world, attesting to its popularity.
What some people don’t know is that the exchange also has a web3 wallet. It is a user-focused wallet designed to serve as a gateway into the crypto space. The wallet is designed mainly for people interested in decentralized finance (DeFi).
With it, you can easily access the world of blockchain and decentralized applications (DApps). The wallet allows users to manage their assets in a safe place and swap tokens between blockchains as well as earn yields on their assets.
The wallet exists as a mobile app that both Android and iOS users can easily download and install. The wallet is powered by Binance Bridge and other DEXs, and lets users trade thousands of tokens across various networks.
There are 30 supported blockchains, and is loaded with built-in dapps. Because the wallet integrates Binance Bridge, which simplifies cross-chain transfers, making them fast, cheap, and secure.
How Does Binance Web3 Wallet Work
The wallet uses a Multi-Party Computation (MPC) technology to enhance security. This is a sophisticated security system that creates three separate key-shares.
The key-shares are then stored in various locations, including your personal cloud and device. You’ll need at least two of these keys to access the wallet. MPC is an enhanced cryptographic security system that eliminates the need to store your private keys in a single location.
The key-shares are also protected by your recovery seed phrase, ensuring there’s added security to the wallet.
Key Features
The Binance web3 wallet was designed to make access to blockchain and web3 easy for those entering the space for the first time. Therefore the focus is on simplicity and high security. It therefore has the following as its main features.
Ease of Use
The wallet was designed for beginners seeking to enter into web3, so it is easy to use. The user interface is designed in a way that allows almost anyone to navigate easily. The wallet can be set up in just a few steps on Binance app.
Its use also doesn’t require the use of complicated private keys or seed phrases, making it less cumbersome to use even though it has high security features.
Convenience
The Binance web3 wallet is linked to Binance Bridge and other service providers, thus facilitating easy token swaps across different blockchain networks. This also ensures that users get the best rates for their swaps as well as fees.
Users can also easily explore decentralized applications with a few clicks and also engage in yield farming, right within the wallet.
High Security
A wallet for beginners needs to have high security to protect them. The wallet is armed with several security features, including wrong address protection, and identification of potentially malicious smart contracts.
The wallet can tell you if you’re about to make a transfer to a particularly malicious or risky wallet address. It also notifies that user if the token or blockchain has a high risk rating.
Also since every transaction is controlled by Multi-Party Computation (MPC) technology, the risk of single points of failure is reduced, and the safety of users’ assets is guaranteed.
Self-custody
Self-custody is an important concept in the world of crypto. Because you can trust no one but yourself, you can not trust anyone with your private keys. The Binance web3 wallet is a self-custody wallet, meaning you have full and total control of the wallet.
This is made possible through the three “key-shares” and a recovery password exclusively known to the user that makes it impossible for anyone else to access the wallet and manage the assets in any way.
Effective Customer Support
The wallet has a vibrate customer support to ensure that the beginner users are properly guided as they attempt to enter the web3 world through the wallet.
