Binance launched its new Web3 wallet Using MPC Technology and will be made available to all 150M registered users via the Binance mobile app.
During Binance Blockchain Week in Istanbul, Binance’s Regional Markets Head, Richard Teng, presented the native web3 wallet. Users can access the wallet through the exchange’s mobile application, according to the release.
With this introduction, Binance is providing a smooth bridge between CeFi and DeFi, allowing for the trading and swapping of tokens across several blockchain networks in one convenient location.
“We want our users to feel comfortable knowing that they are engaging with Web3 in a safe and secure environment.” Richard declared as he held up the wallet. “For this reason, we have integrated MPC technology into the Web3 Wallet in addition to Binance’s reliable security infrastructure,” he continued.
A sophisticated security technique called multi-party computation (MPC) generates three key shares and keeps them in three separate places. In this way, it effectively eliminates the requirement for a security key phrase while still securing the wallet by requiring at least one key-share.
As a conglomeration of cryptocurrency companies, Binance is growing beyond just being a cryptocurrency exchange. It now offers a web3 wallet in addition to its native blockchain network, BNBChain, and its recently announced layer 3 network, opBNB.