Share this article
Binance Rolls Out Its First Ever Self-Custody Web3 Wallet
Users can download and access the wallet through Binance's app.
Updated Nov 9, 2023, 12:49 p.m. Published Nov 8, 2023, 7:30 a.m.
Make us preferred on Google
Cryptocurrency exchange Binance has released a Web3 wallet that can be used to interact with the decentralized finance (DeFi) ecosystem.
The new product, which will work across 30 blockchain networks, was announced at the Binance Blockchain Week conference in Istanbul.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"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," CEO Changpeng 'CZ' Zhao said.
Binance's Web3 wallet will compete with the likes of MetaMask and Trust Wallet, the latter of which was acquired by Binance in 2018. Binance listed a futures market for TrustWallet's native token [TWT] earlier this week. The TWT price slid after the announcement, taking the 24-hour change to a 7% drop.
The new wallet uses Trust Wallet's Wallet as a Service (WaaS) technology, also announced today. That product is intended to shorten the development time for companies looking to introduce Web3 wallets by offering a range of services including asset management and cross-chain transfers.
Other competing centralized exchanges, such as Coinbase and OKX, also have Web3 wallets.
Users can create a wallet through Binance's mobile app, which will also serve as the venue for DeFi activities like staking, lending and borrowing. A Binance spokesperson told CoinDesk that users are required to complete KYC to access the wallet.
Web3 wallets are common targets for hackers and exploiters, as once a private key is obtained by a hacker, all funds can be irreversibly drained.
Binance hopes to remedy that with multi-party computation (MPC), which removes the need for users to memorize seed phrases without compromising the benefits of security and self-custody. MPC involves a private key being broken up into three parts called key shares, with two of the three key shares being controlled by the wallet owner.
"Ultimately, our priority is to ensure users can explore Web3 with us within a user-friendly and protected environment,” CZ added.
UPDATE (Nov. 8, 10:00 UTC): Adds TWT token price in fourth paragraph.
UPDATE (Nov. 8, 14:45 UTC): Adds Trust Wallet's Wallet as a Service technology in fifth paragraph.
UPDATE (Nov. 9,12:48 UTC): Adds quote on KYC.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
XRP-linked Ripple rolls out treasury platform after $1 billion GTreasury deal
New product lets companies manage cash, stablecoins and tokenized funds in one system, cutting cross-border settlement times from days to seconds.
What to know:
- Ripple has launched Ripple Treasury, an enterprise platform that lets companies manage traditional cash and digital assets in one system, following its $1 billion acquisition of GTreasury.
- The service uses Ripple’s RLUSD stablecoin to move money across borders in three to five seconds, while integrating with existing treasury workflows to streamline liquidity and reduce idle capital.
- By connecting clients to overnight repo markets and tokenized money-market funds such as BlackRock’s BUIDL, Ripple aims to position itself as regulated institutional financial infrastructure rather than a crypto-only payments provider.
Top Stories
