Binance Launches Web3 Wallet To Bridge CeFi With DeFi
Features Include Cross-chain Swaps and Fast Transfers
By: yyctrader •
Binance, the world’s largest crypto exchange, has announced the launch of Binance Web3 Wallet, a self-custodial wallet that is seamlessly integrated within the Binance App, serving as a user-friendly gateway between the centralized exchange and Web3.
The wallet allows users to interact with multiple blockchains, trade thousands of tokens, earn yield, and explore a wide range of decentralized applications (dApps) all in one place.
The Binance Web3 wallet also enables cross-chain token swaps, leveraging the Binance Bridge and other leading decentralized exchanges (DEXs) to trade an array of tokens across various networks with deep liquidity and minimizing slippage.
Another key feature of the wallet is its transfer functionality, enabling quick transactions between the exchange and the Binance Web3 Wallet. Users can navigate across Centralized Finance (CeFi), Decentralized Finance (DeFi), and Web3 platforms seamlessly.
Regarding security, Binance Web3 Wallet provides built-in risk alerts to notify users of potential security risks associated with specific tokens or blockchains so users can stay informed and take necessary precautions to safeguard their assets. It utilizes Multi-Party Computation (MPC) technology to secure users’ wallets. By storing key shares separately, Binance seeks to eliminate any single point of failure.
To start using the wallet, users must log in to their Binance App and navigate to the Wallets tab. From there, they can select Web3 and create their wallet.