During the Binance Blockchain Week conference in Istanbul, the company unveiled this product, which is compatible with 30 different blockchain networks.
The wallet aims to be a core tool for the Web3 world by enabling “self-sovereign finance,” according to Binance’s CEO Changpeng Zhao.
The Binance wallet will go head-to-head against similar offerings from MetaMask, Trust Wallet, oinbase">Coinbase, and OKX. Binance acquired Trust Wallet back in 2018 and recently listed a futures market for Trust Wallet’s TWT token.
Users can open the Binance wallet through the exchange’s mobile app. They can then use it for DeFi activities like staking, borrowing, and lending across the supported blockchains. It’s not yet clear if Know Your Customer identity checks will be needed to create a wallet.
To boost security, the wallet uses multi-party computation to split private keys into three key shares – with the user controlling two shares. This removes the need to memorize seed phrases while still allowing self-custody and preventing irreversible drainage of funds if one share is compromised.
Web3 wallets are prime hacking targets, but Binance hopes its multi-party computation approach will give users better protection as they access its DeFi ecosystem. As crypto matures, ensuring secure and easy access to decentralized apps remains an evolving obstacle.
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