During a Conference, Binance Unveils Its Self-Custody Cryptocurrency Wallet

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Last Updated on November 8, 2023 by Bitfinsider

A self-custody wallet integrated within its native software has been introduced by Binance, the largest cryptocurrency exchange in the world based on trading volume.

According to a release, the business made the revelation during its Binance Blockchain Week conference in Istanbul, Turkey. “Millions of Binance users can now explore and experience web3, without the risk of losing seed phrases or struggling with complicated onboarding processes,” said Binance in a press release.

According to the business, Binance hopes that its users would use the wallet to “swap thousands of tokens across” more than 30 networks, investigate decentralized applications, move money between an exchange and a wallet, and generate income on digital assets.

Changpeng Zhao, the founder of Binance, stated in the statement that “we have to identify and plug the gaps between centralized and decentralized systems to help drive web3 adoption.” “Binance‚Äôs web3 Wallet lowers the barriers of entry for users to achieve full self-custody of their assets.”

According to Binance’s release, the wallet uses multi-party computation technology to provide “robust” security. “Key-shares are the smallest units made up of a user’s private keys. The system’s vulnerability is decreased and the chance of the keys being compromised is reduced by having the key-shares distributed among three distinct locations, according to the business. “Funds held in the wallet are exclusively owned and accessible only by the user.”

Despite the recent surge in cryptocurrency values, driven primarily by Bitcoin, Binance’s market share has been steadily declining, from 74% in December 2022 to 50% last month.

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