- Binance launches a Web3 wallet for easy DeFi access across
- Changpeng Zhao emphasizes user empowerment and Web3 adoption.
Binance, one of the leading cryptocurrency exchanges globally, is moving significantly into decentralized finance (DeFi) with its newly unveiled Web3 wallet. This exciting development was announced at the Binance Blockchain Week conference in Istanbul. It launched with the aim of transforming how millions of users engage with the growing DeFi landscape.
One of the key selling points of Binance’s Web3 wallet is its user-friendliness. It seeks to eliminate the complexities of traditional DeFi onboarding, such as dealing with seed phrases and other technical hurdles.
Binance leads the way into the #Web3 world with its new Web3 wallet 🔐, now available through the #Binance app. Binance CEO @cz_binance emphasizes self-sovereign finance as a crucial part of the Web3 framework.🌐
— TheNewsCrypto (@The_NewsCrypto) November 8, 2023
The wallet employs MPC tech for top-notch security, splitting… pic.twitter.com/iboS22wn3w
What’s New To The Users?
The Web3 wallet is designed to provide users with an accessible entry point into the DeFi space across 30 different blockchain networks. Binance ventures into the realm of self-custody wallets within its application. This step aims to bridge the gap between centralized and decentralized systems.
Changpeng Zhao, the founder of Binance, emphasized that he is committed to driving Web3 adoption. And believes that the Web3 Wallet will remove barriers for users looking to achieve full self-custody of their assets.
Moreover, Binance will face competition in the DeFi market as established players like MetaMask and Trust Wallet already have a presence. Binance acquired Trust Wallet in 2018 and has recently introduced a futures market for Trust Wallet’s native token, TWT. Notably, other major centralized exchanges like Coinbase and OKX also offer Web3 wallets, recognizing the growing importance of DeFi.
