During the Binance Blockchain Week conference held in Istanbul, crypto exchange Binance announced the launch of their new Web3 wallet.
This wallet will be available to all users via the Binance mobile app.
Binance CEO Changpeng “CZ” Zhao shared the purpose behind this new service, stating that Web3 wallets are more than just a means of storing digital assets.
They are also an essential component of the Web3 framework, granting individuals the ability to exercise self-sovereign finance.
To make things easier for users, the Web3 wallet will be accessible through the primary Binance app, mostly used for cryptocurrency trading.
This wallet utilizes multiparty computation (MPC), which divides a user’s private keys into three smaller parts (key shares).
According to CZ, this method of splitting the key shares into three different locations reduces the risk of them being compromised and makes the system less vulnerable.
Of the three key shares, two will always be under the user’s control, allowing for self-custody.
However, Binance has confirmed that the Web3 wallet is not yet available for US users, as the Binance.com platform is not accessible in the country.
