Binance Launches All-in-one Wallet For Cryptocurrencies, Web3 And DeFi
- This wallet is integrated with the exchange application.
- The new tool is used to navigate DeFi applications, games, metaverse, and more.
Binance, the cryptocurrency exchange and financial services platform, announced the launch of its bitcoin wallet, cryptocurrencies and Web3 applications within the framework of Binance Blockchain Week, an event held in Istanbul. This wallet was developed in conjunction with the Trust Wallet product and engineering team.
The Binance wallet, created in seconds from an exchange tab, acts as an entry and exit door to the ecosystem of interactive applications (DApps), commonly referred to as “web3”. The web3 It consists of decentralized financial services (DeFi), cryptocurrency games (GameFi), metaverse, NFT, and other assets and tools.
The new Binance wallet allows you to connect to DApps directly from its user interface. To do this, just scan the QR code from external applications once or load it from files on your mobile device. It eliminates the need “to complete cross-platform processes.”
In addition, users with an exchange account do not need to withdraw their funds to external wallets through the withdrawal process, and can instead transfer them from them to their Binance wallet web3. During the transfer, the wallet allows you to choose the network where the cryptocurrencies will circulate.
Among other features, This Binance wallet includes a exchange of cryptocurrencies and allows the sending and receiving of NFTs. Also many security features:
Binance Web3 Wallet has no recovery seed word
According to the statement issued by the exchange, “millions of Binance users can now explore and experience Web3, without the risk of losing seed words or the need for complicated processes .”
As can be seen from the previous words, access to this wallet cannot be recovered through traditional phrases, but through multi-party computing, or through access to three fragment of the private key stored in the cloud and on the device. . Wallets that use this security method They are called MPC wallets, and they encrypt three private keys into one encrypted password key..
Although not including a phrase, losing the password of the Binance wallet can result in the complete loss of access to the wallet.
Recently, TrustWallet, a company acquired by Binance in 2018, introduced Trust Wallet’s Wallet as a Service (WaaS), a solution for companies, startups and individuals willing to offer services with cryptoasset self-control technologies.
This service gives beneficiaries access to TrustWallet’s compilation of design and development tools, “changing long development timelines from years to months.”