Binance launches Web3 wallet for 120 million registered users

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Binance launches Web3 wallet for 120 million registered users
Binance launches Web3 wallet for 120 million registered users

Cryptocurrency exchange Binance announced the launch of a new Web3 wallet at the Binance Blockchain Week conference in Istanbul, which will be available to all users through the Binance mobile app.

At the press conference, Binance CEO Changpeng Zhao revealed his intention to launch the service:

“Web3 wallets represent more than just a store of digital assets – they are an integral part of the Web3 framework, giving individuals financial independence.”

To keep things simple, Binance’s Web3 wallet launches in the main Binance app, which is primarily used for cryptocurrency trading.

The wallet uses multi-party computation (MPC) for splitting a user’s private key into three smaller parts, called key sharing.

“Sharing keys in three different locations minimizes the risk of key compromise and reduces the vulnerability of the system.”

Two of the three main shares are always controlled by the user, allowing for self-management. A Binance spokesperson confirmed that U.S. users cannot use the Binance Web3 wallet because Binance.com is not available in the United States.

Czech Republic Add to:

“Binance’s Web3 wallet lowers the entry barrier for users to completely self-manage their assets and is an important and convenient bridge to empower DeFi.

Ultimately, our top priority is ensuring users can explore Web3 with us in a protected and user-friendly environment. “

Richard Teng, regional market leader at Binance, said that MPC technology will eliminate the fear of losing the seed phrase.

“We want our users to feel confident that they are interacting with Web3 in a safe and protected ecosystem. That’s why we’re incorporating MPC technology and Binance’s trusted security infrastructure into Web3 wallets.”

A Binance spokesperson clarified that users should still protect their assets and wallet access.

“If a user forgets their recovery password and loses their device/deletes the Binance app, they will lose access to their Web3 wallet and Binance will not be able to recover the password for them.”

The three shared parts of the key will be stored in three places – the first part will be stored on Binance, the second part will be stored locally on the user’s phone, and the third part will be encrypted with a password. and backed up to their account. Personal cloud storage, such as iCloud or Google Drive.

Binance’s decision to expand into other cryptocurrency products comes at a time when its spot trading business appears to be struggling to retain investors.

A report from blockchain analysis company 0xScope shows that by 2023, Binance’s spot trading market share has dropped to 40%. According to researchers:

“Binance’s spot trading volume has declined significantly over the past year, likely due to its listing strategy. Most popular coins experienced downturns shortly after listing on Binance.”

In comparison, South Korean cryptocurrency exchange Upbit experienced the most significant increase, with its spot market share increasing from 5% to 15.3% during the same period.

CZ’s net worth also fell 38% due to lower trading volume, according to the Bloomberg Billionaires Index.

General Bitcoin News.



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