Binance Unveils Revolutionary Self-Custody Wallet for Seamless Crypto Management
Top cryptocurrency exchange Binance has unveiled a groundbreaking self-custody wallet integrated into its proprietary app.
Emphasizing a user-friendly approach, Binance highlighted the wallet’s potential, aiming to empower millions of its users to explore the world of web3 without the complications of managing seed phrases or dealing with complex onboarding processes.
This innovative wallet by Binance offers a spectrum of functionalities, including the capability to facilitate the exchange of numerous tokens across more than 30 networks. It also enables users to dive into decentralized applications, smoothly transfer funds between the exchange and the wallet, and even earn yields on their digital assets.
Security is a top priority for the platform. Binance stressed the wallet’s robust security, utilizing multi-party computation (MPC) technology.
The user’s private keys are divided into three smaller parts, called key-shares, and spread across different locations, significantly reducing the risk of key compromise and fortifying the system’s security.
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Binance highlighted that the funds held within the wallet are the sole ownership of the user and remain exclusively accessible to them.
Despite the recent bullish trends in cryptocurrency markets, especially with Bitcoin’s surge, Binance’s market share has seen a gradual decline, dropping from 74% in December 2022 to 50% last month.