Cryptocurrency exchange Binance has announced the launch of its web3 wallet, marking the company’s latest move to capitalize on growing demand for web3 services.
The new crypto wallet aims to provide a simplified way for users to access web3 through integration directly into the Binance mobile app. This allows the millions of existing Binance users to explore decentralized apps, token swapping, yield earning, and other web3 features without needing to manage additional apps or services.
According to a press release, the web3 wallet uses Multi-Party Computation technology to secure users’ private keys without requiring seed phrases, streamlining the onboarding compared to other crypto wallets that utilize seed phrases.
Binance CEO Changpeng Zhao said:
“Much as we believe Web3 will improve the freedom of money around the world, our industry must continue to build tools that onboard and protect users while also reducing friction for them,”
Binance highlighted the wallet’s featur
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