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Binance Launches Web3 Wallet to Make Web3 Accessible to Millions of Users

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Binance, the global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume, is excited to announce the launch of its Web3 Wallet. The product, which was officially unveiled today during the company’s flagship Binance Blockchain Week conference in Istanbul, aims to meet the demand for a simple, convenient and secure way to experience the world of Web3. Millions of Binance users can now explore and experience Web3, without the risk of losing seed phrases or struggling with complicated onboarding processes.

Serving as a digital gateway to Web3, Binance’s Web3 Wallet is a self-custody crypto wallet built within the Binance app. With this latest launch, users now have access to a secure and streamlined method to swap thousands of tokens across various networks at great prices, explore a variety of decentralized applications (dApps), quickly transfer funds between exchange and wallet, earn yield on their crypto and more, all in one secure wallet.

“Web3 wallets represent more than just storing digital assets; they are an integral part of the Web3 framework, empowering individuals with the ability for self-sovereign finance,” says Changpeng Zhao (‘CZ’), CEO and Founder of Binance.

For most users, Web3 is complex. The Binance Web3 wallet is designed with user experience as the top and foremost priority, with the goal of making Web3 more accessible and easier for users to get started. Users, regardless of whether they are new to crypto or are already experienced traders, will find value in using Web3 Wallet. The main advantages of Web3 Wallet include:

Unparalleled Simplicity: Built directly into the Binance mobile application, users can create and activate their Web3 Wallet in seconds. The seamless integration means that users can access dApps and DeFi features directly within the Binance interface, without needing to juggle across platforms. The use of Multi-Party Computation (MPC), an advanced security technique, also removes the need for users to manage or memorize seed phrases without compromising on the benefits of security and self-custody.

All-In-One Convenience: Putting one’s idle crypto to work and earning interest on assets becomes much more accessible and seamless with the Web3 Wallet. There is a suite of innovative Earn and DeFi services within the Web3 Wallet to allow users to receive rewards from their digital assets. Binance’s Web3 Wallet is also the hub for users to explore various dApps, purchase cryptocurrencies through the Swap function at great prices thanks to deep liquidity and low slippage, and perform cross-chain trades across various networks at the tap of a button.

Robust Security: Protecting users and their assets is a key priority. With MPC technology, a user’s private keys are broken into three smaller parts known as key-shares. Having the key-shares split across three different locations mitigates the risk of the keys being compromised and reduces the vulnerability of the system. Two out of the three key-shares are controlled by users, which is intentional as Web3 Wallet is self-custodial. Funds held in the wallet are exclusively owned and accessible only by the user. Enhanced security features, such as wrong address protection and malicious contract detection, are also incorporated to notify users if a token or blockchain address carries a security risk at the time of the transaction.

CZ added, “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. To help drive Web3 adoption, we have to identify and plug the gaps between centralized and decentralized systems. Binance’s Web3 Wallet lowers the barriers of entry for users to achieve full self-custody of their assets and it is an important, convenient bridge towards DeFi empowerment. Ultimately, our priority is to ensure users can explore Web3 with us within a user-friendly and protected environment.”

Richard Teng, Head of Regional Markets at Binance, also shared, “The overall aim when designing our Web3 Wallet is to help elevate the current user journey of experiencing Web3. We want our users to be assured that they are interacting with Web3 within a secure and protected ecosystem. That is why we have incorporated MPC technology as well as Binance’s trusted security infrastructure within the Web3 Wallet. The common stress of worrying about losing one’s seed phrase is removed, so that we can introduce a secure and smooth entry point for millions of users to safely and easily explore the Web3 universe.”

Binance Web3 Wallet is developed in partnership with the product and engineering team at Trust Wallet, and utilizes the same wallet technology layer services. Despite this coupling, Binance maintains autonomous control over Web3 Wallet’s features, operations, and services. To ensure a seamless experience with the newly launched Web3 Wallet, users are able to reach out to Binance’s 24/7 Customer Support to assist with any questions or help needed.

Blockchain

THXLAB and IZUTSUYA Announce Strategic Partnership

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Blockchain

OZANK Joins Forces with RevoluGROUP to Enhance Global Payment Infrastructure

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Blockchain

Financial industry bodies defend permissionless blockchains against Basel Committee’s classification

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Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.

Source: coingeek.com

The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

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