Binance Launches Its Own Crypto Wallet
08.11.2023
Binance Launches Its Own Crypto Wallet

The trading platform Binance has introduced a new Web3 wallet, accessible to clients through the official app.

At the Binance Blockchain Week event in Istanbul, the company's head, Changpeng Zhao, personally announced the expansion of services.

"Our crypto wallets are not just for storing digital assets; they are a key element of the Web3 ecosystem, empowering users with control over their finances," emphasized Zhao.

The wallet's functionality is integrated into the main Binance application and utilizes multi-party computation (MPC) for key protection. This technology splits keys into parts that are distributed across different servers.

User accounts are linked to two segments of the key, while the third is controlled by the exchange itself.

This encryption approach reduces the likelihood of wallet breaches and improves the overall security of the system, as claimed in the press release. Richard Teng, head of regional markets at Binance, stated that the MPC technology eliminates worries about losing seed phrases.

In the event of losing a recovery password, device, or deleting the app, access to the wallet cannot be restored, shared Teng.

"Our goal is to assure our clients of the security of their interactions with Web3 in a protected environment. The implementation of MPC and the proven security infrastructure of Binance ensures this reliability," declared the manager.

According to the accompanying legal documents, the use of the Binance wallet is governed by the laws of Hong Kong. The company also adheres to international standards against money laundering and terrorism financing, including monitoring for suspicious transactions and blocking unwanted transfers.

For more detailed information, as well as discounts, check out our Telegram.

Telegram Icon