Binance Introduces User-Friendly Web3 Wallet at Blockchain Week Istanbul

FinanceFeeds Editorial Team

Binance launches a self-custody Web3 Wallet designed for simplicity and security, aiming to simplify user interaction with Web3 technologies without compromising safety.

Binance Web3 wallet

Binance, home to the world’s largest crypto exchange by volume, proudly launched its Web3 Wallet during the Binance Blockchain Week in Istanbul. This wallet is Binance’s answer to the growing demand for a user-friendly and secure gateway to the Web3 ecosystem. It enables millions of Binance users to navigate the Web3 space safely, eliminating the common fears of losing seed phrases and navigating complex onboarding procedures.

The Web3 Wallet, integrated within the Binance app, serves as a self-custody wallet, offering users a straightforward method to engage with a myriad of tokens across diverse networks, delve into decentralized apps, transfer funds effortlessly, and generate yield on their crypto holdings—all within a single, secure environment.

Changpeng Zhao, known as ‘CZ,’ the CEO and Founder of Binance, emphasizes the wallet’s role in the Web3 infrastructure, stating, “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.”

Binance has meticulously designed the Web3 Wallet with the user experience as its paramount objective, striving to make the Web3 realm more accessible and straightforward for users of all experience levels. The wallet boasts features such as:

Unparalleled Simplicity: Users can swiftly set up their Web3 Wallet directly in the Binance mobile app, with seamless access to decentralized applications and DeFi services without switching platforms.

All-In-One Convenience: The wallet facilitates an accessible and seamless way to put crypto assets to work, offering a suite of Earn and DeFi services to leverage digital assets fully.

Robust Security: Utilizing MPC technology, the wallet enhances security by dividing a user’s private keys into parts, ensuring the safety of funds, with the user retaining control over the majority of key-shares.

CZ remarked on the wallet’s significance, “To drive Web3 adoption, we must bridge the gaps between centralized and decentralized systems. Binance’s Web3 Wallet is a vital bridge towards DeFi empowerment, ensuring a user-friendly and protected environment for our users to explore Web3.”

Richard Teng, Head of Regional Markets at Binance, echoed these sentiments, highlighting the wallet’s design focus on elevating the Web3 user experience within a secure ecosystem. By integrating MPC technology and Binance’s robust security measures, the wallet removes the stress of seed phrase loss, providing a smooth and safe entry point into the Web3 space.

Binance also ensures that users can access 24/7 Customer Support for any assistance needed with the new Web3 Wallet, reinforcing its commitment to user support and satisfaction.

Read this next

Digital Assets

Binance to phase out BUSD support in two weeks

Binance has announced its plans to gradually phase out support for its native stablecoin, BUSD (Binance USD) by December 15, 2023. This move comes after Paxos, the issuer of BUSD, decided to stop minting new tokens.


Binance Labs invests $3.15M in Open Campus to advance Web3 education

Binance Labs, the venture capital arm of the cryptocurrency giant Binance, has invested $3.15 million in Web3 education platform Open Campus.

Institutional FX

Brighty App unveils EU B2B payment platform amidst exploding market

Brighty App is set to launch its European B2B platform, Brighty Business, this month. This platform is geared towards improving how businesses handle their financial operations, especially in the digital banking and cryptocurrency domains.

Digital Assets

Celsius’ withdrawal process slowed by overwhelming demand

Bankrupt crypto lender Celsius is taking steps to allow certain customers to withdraw their funds. However, some users have reported difficulties in logging in to process their withdrawals, as indicated by posts on various social media platforms.

Digital Assets

Cristiano Ronaldo hit with $1 billion lawsuit over Binance NFTs

Cristiano Ronaldo, the renowned footballer, is facing a class-action lawsuit in the United States over his promotion of Binance, the world’s largest cryptocurrency exchange.

Digital Assets

Zipmex creditors offered 3.35 cents on the dollar payout

Zipmex, a Thai crypto exchange grappling with financial difficulties, has proposed a restructuring plan to repay its creditors.

Digital Assets

FSB warns of risks posed by multifunction crypto-asset intermediaries

The report on Multifunction Crypto-Asset Intermediaries (MCIs) provides an in-depth analysis of these entities which combine various crypto-asset services and products, typically centering around a trading platform. These services can include proprietary trading, investment functions, issuance, promotion, and distribution of crypto-assets, including stablecoins.

Retail FX

Indonesia launches PosPay Gold: a Sharia-compliant physical gold trading app powered by Kinesis

“Partnerships like the just realized POSPay Gold in Indonesia will revolutionize the global monetary system and economy and will enable citizens to have access to trading in gold while being sharia-compliant and having the freedom to realize their everyday financial needs.”

Retail FX

Webull acquires Flink to enter Mexican market ahead of further LATAM expansion

“Given our success in the United States and the establishment of our global headquarters in St. Petersburg, Florida, the Mexican market is a natural next step in our efforts to democratize finance for investors across the world. We anticipate using Mexico as a springboard into greater Latin and South America, where we believe there is a strong desire among retail investors to access global markets.”