Binance Launches Its First Self-Custody Web3 Wallet

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Last Updated on November 10, 2023 by Bitfinsider

Binance, a cryptocurrency exchange, has created a Web3 wallet that can be used to engage with the DeFi ecosystem.
The new device, which will be compatible with 30 blockchain networks, was unveiled during the Binance Blockchain Week conference in Istanbul.

“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,” Changpeng Zhao, the company’s chief executive officer, stated.

Binance’s Web3 wallet will compete with MetaMask and Trust Wallet, the latter of which Binance acquired in 2018. Earlier this week, Binance launched a futures market for TrustWallet’s native token (TWT). Following the release, the TWT price fell 7% in a 24-hour period.

Trust Wallet’s Wallet as a Service (WaaS) technology, which was also introduced today, is used in the new wallet. That solution is designed to save development time for businesses wishing to launch Web3 wallets by providing a variety of services such as asset management and cross-chain transfers.

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